With independent auditor’s report

31. 
Contingencies, commitments and operating risks (continued)
Capital commitments
As at 31 December 2020, the Group had capital commitments of UZS 14,572 billion (2019: UZS 17,649 billion,
2018: UZS 10,954 billion) mainly related to the construction of “Uzbekistan GTL” plant and the project on
expansion of the Shurtan Gas Chemical Complex
(Note 15)
.
“
Program for increasing hydrocarbon production 2017-2021”
In accordance with Presidential Decrees of the Republic of Uzbekistan the Group participates in “Program for
increasing hydrocarbon production 2017-2021”, under which the Group carries certain obligations and
commitments.
The Management of the Group considers the commitments under the program are being fulfilled appropriately
and any deviations related to volumes and deadlines, set in the program, will not lead to material negative
consequences, which need to be recognized or disclosed in the consolidated financial statements.
Financial guarantees
As of 31 December 2020 the Group had issued a number guarantees for its related parties, including
JSC Uztransgaz and JV Natural Gas Stream LLP, amounting to UZS 11,031 billion (31 December 2019:
UZS 9,097 billion and 31 December 2018: UZS 3,593 billion). Should JSC Uztransgaz or JV Natural Gas
Stream LLP default on their guaranteed obligations, the Group may receive claims and become liable for the
respective amount. All financial guarantee agreements are concluded on the condition that the is no
compensation to the Company. The main part of JSC Uztransgaz and JV Natural Gas Stream LLP financial
obligations guaranteed by the Company is payable on demand or within 12 months period.
32. 
Subsequent events
Planned disposal of associate
According to the minutes of Supervisory Board Meeting dated 26 May 2021, the Group’s share in an associate
JV Jizzakh Petroleum LLC will be sold to Belvor Holdings Limited.