Uzbekistan – U.S. Corporate Engagement Announced Financing and Commercial Deals
The president of Uzbekistan Shavkat Mirziyoyev met the U.S. business community in Washington on 18 February 2026, announcing deals across energy, aviation, critical minerals, and finance – established by a new bilateral investment platform co-signed by DFC and Ex-Im Bank. Total announced commitments exceeded $2.5B: Gulf Oil fuel network ($150M+), Centrum Air IPO ($600M at an expected $2B valuation), Traxys critical minerals portfolio ($1B), and an Ex-Im Bank credit line for Uzbekneftegaz ($852M).
GULF OIL – $150M FUEL STATION NETWORK
Deal details: Uzbekneftegaz and Gulf Oil will jointly build a network of 100 fuel stations across Uzbekistan by 2028, investing $100M. An additional $50M expected to go into building aviation fueling infrastructure at airports. The two companies set up a joint venture in July 2025 and acquired 6 pilot stations in November as a first test. Regional governors separately offered acquiring up to 200 already-operating stations – which would bring Gulf's total footprint to 300 locations nationwide. It was first announced of Gulf’s interest in Uzbekistan in October of 2025 when it signed an MOU with Uzbekneftegaz.
Gulf Oil: Gulf Oil (USA) operates more than 1,100 gas stations in the US, located in 36 states and Puerto Rico. In 2023 it was acquired by RaceTrac, Inc., a family-owned operator of convenience stores (22nd largest private company in USA). We could not confirm if Gulf plans to invest directly in developing its Uzbekistan gas station network or license its brand under franchise agreement to a third-party investor/operator.
Market context: Foreign-branded networks account for under 15% of Uzbekistan's fuel retail. Key foreign operators: Karvon (formerly known as UzGasOil and UNG Petro,~80 stations, purchased by Petroleum Technology Group in early 2024 from Uzbekneftegaz), Lukoil (9 stations, servicing license expires April 2026, included in the list of Lukoil International assets being sold due to US sanctions), Tatneft (5-6 stations, JV between Uzbekneftegas (49%) and TatNeft (51%)). Gulf with 100-300 locations would instantly become the №1 gas station network in the country.
CENTRUM AIR – $600M IPO AT $2B VALUATION
Deal: Founded in January 2023, Centrum Air – Uzbekistan's largest private carrier – plans to raise $600M via IPO at a $2B valuation, underwritten by US investment banks. Fleet: approximately 15 aircraft (A320/A320neo/A321neo, A330-300), targeting 22 by end-2026. Geography: Operates flights connecting 39 destinations, which encompass both domestic and international routes (China, South Korea, India, Thailand, Maldives and from April 2026 – Pakistan). First European routes expected to launch from Tashkent in March 2026: Germany and Denmark.
Valuation: The expected $2B for IPO implies future fleet of 30 to 50 aircraft based on the $40-70M/aircraft median valuation for listed Asian LCCs. Comparable is Air Astana (Kazakhstan) listed on LSE/AIX in February 2024 at $1.1B – Centrum prices at nearly 2x that at a quarter of the age. Would be the first international IPO of a private Central Asian carrier.
DFC, EX-IM BANK & CRITICAL MINERALS
Investment Platform: Signed by DFC (CEO Ben Black), Ex-Im Bank (President John Yovanovich), Minister of Investment of Uzbekistan Laziz Kudratov, and UFRD Director Shukhrat Vafayev – creating a joint holding structure to track and accelerate priority projects. Ex-Im Bank confirmed $852M credit line for Uzbekneftegaz compressor station upgrades. DFC to serve as financing and risk insurance partner for long-term energy and minerals projects.
Traxys / Critical Minerals – $1B: Traxys will develop a $1B portfolio targeting 150 t/yr output across tungsten, molybdenum, copper, rare earths, and black shale, with a new Tashkent office. Uzbekistan holds 2,700+ deposits (~100 material types, $3.3T estimated value); USGS identifies 87 rare earth/rare metal deposits – 2nd in Central Asia after Kazakhstan.
Contacts
Avesta Investment Group LLC
22, Shahrisabz str.
Tashkent, 100015, Uzbekistan
Tel: +998 (71) 207-90-70
E-mail: info@avestagroup.com
Web: http://www.avestagroup.com
GULF OIL – $150M FUEL STATION NETWORK
Deal details: Uzbekneftegaz and Gulf Oil will jointly build a network of 100 fuel stations across Uzbekistan by 2028, investing $100M. An additional $50M expected to go into building aviation fueling infrastructure at airports. The two companies set up a joint venture in July 2025 and acquired 6 pilot stations in November as a first test. Regional governors separately offered acquiring up to 200 already-operating stations – which would bring Gulf's total footprint to 300 locations nationwide. It was first announced of Gulf’s interest in Uzbekistan in October of 2025 when it signed an MOU with Uzbekneftegaz.
Gulf Oil: Gulf Oil (USA) operates more than 1,100 gas stations in the US, located in 36 states and Puerto Rico. In 2023 it was acquired by RaceTrac, Inc., a family-owned operator of convenience stores (22nd largest private company in USA). We could not confirm if Gulf plans to invest directly in developing its Uzbekistan gas station network or license its brand under franchise agreement to a third-party investor/operator.
Market context: Foreign-branded networks account for under 15% of Uzbekistan's fuel retail. Key foreign operators: Karvon (formerly known as UzGasOil and UNG Petro,~80 stations, purchased by Petroleum Technology Group in early 2024 from Uzbekneftegaz), Lukoil (9 stations, servicing license expires April 2026, included in the list of Lukoil International assets being sold due to US sanctions), Tatneft (5-6 stations, JV between Uzbekneftegas (49%) and TatNeft (51%)). Gulf with 100-300 locations would instantly become the №1 gas station network in the country.
CENTRUM AIR – $600M IPO AT $2B VALUATION
Deal: Founded in January 2023, Centrum Air – Uzbekistan's largest private carrier – plans to raise $600M via IPO at a $2B valuation, underwritten by US investment banks. Fleet: approximately 15 aircraft (A320/A320neo/A321neo, A330-300), targeting 22 by end-2026. Geography: Operates flights connecting 39 destinations, which encompass both domestic and international routes (China, South Korea, India, Thailand, Maldives and from April 2026 – Pakistan). First European routes expected to launch from Tashkent in March 2026: Germany and Denmark.
Valuation: The expected $2B for IPO implies future fleet of 30 to 50 aircraft based on the $40-70M/aircraft median valuation for listed Asian LCCs. Comparable is Air Astana (Kazakhstan) listed on LSE/AIX in February 2024 at $1.1B – Centrum prices at nearly 2x that at a quarter of the age. Would be the first international IPO of a private Central Asian carrier.
DFC, EX-IM BANK & CRITICAL MINERALS
Investment Platform: Signed by DFC (CEO Ben Black), Ex-Im Bank (President John Yovanovich), Minister of Investment of Uzbekistan Laziz Kudratov, and UFRD Director Shukhrat Vafayev – creating a joint holding structure to track and accelerate priority projects. Ex-Im Bank confirmed $852M credit line for Uzbekneftegaz compressor station upgrades. DFC to serve as financing and risk insurance partner for long-term energy and minerals projects.
Traxys / Critical Minerals – $1B: Traxys will develop a $1B portfolio targeting 150 t/yr output across tungsten, molybdenum, copper, rare earths, and black shale, with a new Tashkent office. Uzbekistan holds 2,700+ deposits (~100 material types, $3.3T estimated value); USGS identifies 87 rare earth/rare metal deposits – 2nd in Central Asia after Kazakhstan.
Contacts
Avesta Investment Group LLC
22, Shahrisabz str.
Tashkent, 100015, Uzbekistan
Tel: +998 (71) 207-90-70
E-mail: info@avestagroup.com
Web: http://www.avestagroup.com
