With independent auditor’s report

JSC “Uzbekneftegaz”
Consolidated financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
7
1. 
General information (continued)
The Group also has share ownership in the following material joint ventures, which are accounted for under
the equity method:
Name of the equity investee
Principal activities
Country of
incorporation
Equity interest, %
2020
2019
2018
“Asia Trans Gaz” JV LLC
Gas transportation
Uzbekistan
50%
50%
50%
“Uz-Kor Gas Chemical” JV LLC
Petrochemicals production
Uzbekistan
50%
50%
50%
“Uztransgaz” JSC
Gas transportation and sales
Uzbekistan
0%***
8.3%***
47.8%***
*** At 27 December 2018 the Group has lost control over “Uztransgaz” JSC, as a result of dilution of share of the Group in share capital
of “Uztransgaz” JSC according to the Order of the Cabinet of Ministers of the Republic of Uzbekistan dated 5 January 2017 (Note 6).
In 2019 according to the Decree of President of Republic of Uzbekistan No. 4388 dated 9 July 2019, share interest of 39.5% was
transferred to the State Asset Management Agency (Notes 6 and 17). In October 2020 the Group transferred the remaining 8.3%
share interest in JSC “Uztransgaz” to the State Asset Management Agency (Note 21).
2. 
Basis of preparation
These consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards, including all International Financial Reporting Standards (“IFRS”) and Interpretations
issued by the International Accounting Standards Board (“IASB”) and effective in the reporting period, and are
fully compliant therewith.
These consolidated financial statements have been prepared on a historical cost basis, except as described
in the accounting policies and the notes to these consolidated financial statements.
The Group’s consolidated financial statements are presented in billions of Uzbek soums (“UZS”), unless
otherwise indicated.
The consolidated financial statements of 2020 were approved and authorized for issue by the Management of
the Group on 30 September 2021.