Ways to Increase Investment Attractiveness of Oil and Gas Enterprises in the System of Uzbekneftegas JSC

Yesipov Alexander

doi:10.47134/jred.v3i1.1018

Authors

Yesipov Alexander Academy of State Construction and Administration under the President of the Republic of Uzbekistan

DOI:

https://doi.org/10.47134/jred.v3i1.1018

Keywords:

Investment Attractiveness, Oil And Gas Enterprises, Uzbekneftegaz JSC, Macroeconomic Factors, ESG, Corporate Governance

Abstract

This study aims to analyze the key determinants of investment attractiveness of oil and gas enterprises within the system of Uzbekneftegaz JSC in the context of global economic transformation and energy transition. The research applies a qualitative descriptive approach combined with a systematic analysis of macroeconomic, mesoeconomic (industry-level), and microeconomic (firm-level) factors influencing investment decisions. Data are obtained from policy documents, institutional reports, and recent academic literature related to the oil and gas sector and investment climate. The results indicate that investment attractiveness is shaped by the interaction of financial stability, technological capability, corporate governance quality, regulatory environment, and risk management effectiveness. The study finds that strengthening corporate transparency, adopting digital and innovative technologies, improving risk management practices, and integrating ESG principles significantly enhance investor confidence. These findings suggest that a comprehensive and multi-level modernization strategy is essential to ensure sustainable competitiveness and long-term investment inflows for oil and gas enterprises under Uzbekneftegaz JSC.

References

Adekola, A., & Sergi, B. S. (2021). Corporate governance and investment attractiveness in energy companies. Energy Policy, 149, 112015.

Al-Fattah, S. M., & Startzman, R. A. (2021). Economic evaluation of oil and gas investments under uncertainty. Journal of Petroleum Science and Engineering, 196, 107654.

Alisherovna M. K. Attracting investment to regions-An important factor of development //Asian Journal Of Research In Banking And Finance. – 2022. – Т. 12. – №. 3. – С. 10-13.

Belyaeva, Z., & Kazakov, A. (2022). ESG transformation and investment attractiveness of oil and gas companies. Journal of Sustainable Finance & Investment, 12(4), 987–1005.

Bobokhujaev S., Otakuzieva Z. Oil and gas companies of Uzbekistan: problems and possibilities of investments attraction //American Journal of Economics and Control Systems Management. – 2014. – Т. 3. – №. 1. – С. 3.

BP. (2023). Energy Outlook 2023. BP Statistical Review of World Energy.

Deloitte. (2022). Oil, Gas & Chemicals Industry Outlook. Deloitte Insights.

Ernst & Young. (2023). Global Oil and Gas Industry Outlook. EY Publications.

Ganiev, B., & Rakhmatov, A. (2021). Investment climate and industrial development in Uzbekistan. Central Asian Economic Review, 3(2), 45–59.

IEA. (2022). World Energy Investment Report. International Energy Agency.

IEA. (2024). Oil and Gas Industry in Energy Transitions. International Energy Agency.

Khamroeva I., Karimov M. General description of the activity of JSC" Uzbekneftegaz" and improvement of its structure taken into account //Asian Journal of Multidimensional Research. – 2021. – Т. 10. – №. 10. – С. 1174-1180.

Klochkov, Y., & Gazizulina, A. (2021). Digitalization as a driver of efficiency in oil and gas enterprises. Energy Reports, 7, 2251–2260.

KPMG. (2023). Investment trends in the global oil and gas sector. KPMG Energy Institute.

Mirziyoyev, S. (2021). Strategy of economic reforms of the Republic of Uzbekistan. Tashkent.

Mukhitdinova K. A. Analysis of investment attractiveness of the enterprise //Экономика и социум. – 2020. – №. 4 (71). – С. 73-76.

Mukhitdinova K. A., Sayfutdinova N. F. Status of development of innovative activities of industrial enterprises //Asian Journal of Multidimensional Research. – 2022. – Т. 11. – №. 5. – С. 363-368.

OECD. (2022). Enhancing investment attractiveness in transition economies. OECD Publishing.

PwC. (2024). ESG and capital allocation in oil and gas. PwC Energy Report.

Rakhimov, F., & Yuldashev, B. (2022). Risk management practices in Uzbekistan’s oil and gas sector. Journal of Asian Energy Studies, 6(1), 77–89.

Sovacool, B. K. (2021). Decarbonization and investment risks in fossil fuel industries. Energy Research & Social Science, 74, 101966.

Tarakhtiyeva G. ECONOMIC EFFICIENCY AND INNOVATIVE TRANSFORMATION PROCESSES OF DIGITAL TECHNOLOGY IMPLEMENTATION IN UZBEKISTAN’S OIL AND GAS INDUSTRY //Innovation Science and Technology. – 2025. – Т. 1. – №. 11.

Teplova T.V. Investments: Theory and Practice: Textbook for Bachelors. - 2nd ed., revised and enlarged. - M.: Yurait, 2014. - 724 p.

Umurzakov J. Analysis of the performance of financial and economic activities of national oil and gas enterprises (on the example of Uzbekneftegaz JSC) //Scientific Journal of “SOCAR Proceedings. – 2022. – №. 4. – С. 013-030.

UNCTAD. (2023). World Investment Report: Green and Energy Investments. United Nations.

World Bank. (2022). Institutional quality and investment attractiveness in developing economies. World Bank Publications.

World Bank. (2024). Uzbekistan Energy Sector Diagnostics. World Bank Group.

Zhang, X., & Chen, Y. (2021). Investment efficiency and capital structure in oil and gas firms. Resources Policy, 74, 102299.