NEFT-GAZ KORXONALARIDA INVESTITSIYALARNI MOLIYALASHTIRISH TUZILMASINI TAKOMILLASHTIRISH: QARZ YUKI VA XORIJIY SHERIKLIK MEXANIZMLARI (“O‘ZBEKNEFTGAZ” AJ MISOLIDA)

The article proposes a three-stage approach to assessing and improving the financing structure of investment activity at oil and gas enterprises: diagnostics of the financing structure, a debt-capacity test, and burden sharing through foreign partnership. The approach is tested on JSC Uzbekneftegaz using open-source data. According to the calculations, in 2023, when net profit fell by 53 percent, dividends were 4.1 times net profit and short-term loans grew about 2.9 times. By 2026 the ratio of net debt to earnings before tax and depreciation fell from 3.1 to 2.2; under a conventional ceiling of 3.0 the headroom for additional debt financing is about USD 1.2 billion, and the debt need of the four planned projects (USD 493 million) is about 41 percent of that headroom