ICA-Finance AS, in partnership with Vema Carbon, participated in Oil & Gas Uzbekistan 2026 (OGU 2026) in Tashkent, which is one of the region's leading international exhibitions and conferences for the oil and gas industry. The event brought together industry leaders, technical experts, and policymakers to advance dialogue on the future of energy in Central Asia.

Our CEO Matthew Harwood and Carbon Project Controller Kseniya Pak represented ICA-Finance at the conference, presenting on integrated hydrocarbon cooperation and carbon footprint minimisation across the full production cycle. ICA-Finance's participation at OGU 2026 highlighted the company's growing portfolio of emissions reduction projects in Uzbekistan and the region, carried out in collaboration with two key national partners, Uzbekneftegaz and Sanoat Energetika Guruhi (SANEG).

To date, ICA-Finance and VEMA Carbon have executed 5 projects in Uzbekistan generating a combined emission reduction impact of 5.2 million tCO₂e over a 10-year timeline. Project types encompas leak detection and repair (LDAR), flare gas recovery, and vapour recovery solutions, targeting upstream oil and gas infrastructure across the country.

The first phase of the LDAR project with Uzbekneftegaz has already delivered measurable results, cutting over 300,000 tons of CO₂e per year. Phase 2 is now underway, with reductions targeted at over 2 million tons annually once fully operational. These results position Uzbekistan as one of ICA-Finance's most impactful markets in Central Asia, and demonstrate that large-scale methane abatement in the oil and gas sector is both technically achievable and financially viable through carbon and climate finance mechanisms.

ICA-Finance CEO Matthew Harwood shared our joint work with Vema Carbon at the plenary session of Oil & Gas Uzbekistan 2026 in Tashkent:

Carbon credits generated through emission reductions provide a revenue stream that enables project financing and delivers additional benefits to host countries. It's a model ICA-Finance has applied across countries in Central Asia, the Middle East and Africa, reducing over 12 million tCO₂e and generating more than €150 million in carbon finance.

ICA-Finance and Vema Carbon look forward to deepening their partnerships with Uzbekneftegaz and SANEG, and to expanding their project portfolio in Uzbekistan as the country advances toward its commitment to reduce methane emissions by 30% by 2030.