Lim (left) presenting a momento to Abdullaev after their meeting.
KUALA LUMPUR: FIVE Petroleum Malaysia has further expanded its retail footprint in Uzbekistan by launching a comprehensive due diligence process in Namangan.
This move aligns with the company’s commitments outlined in a memorandum of understanding (MOU) signed with Afsona LLC Group during Uzbek President Shavkat Mirziyoyev’s state visit to Malaysia last month.
Led by founder and chief executive officer Datuk Seri Dr King Lim Chin Fui, a team of 18 people recently conducted a thorough feasibility study to explore potential investments in Afsona's network of gas stations.
This initiative highlights FIVE Petroleum's strong intent to establish a significant presence in the strategically important Namangan region.
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Afsona LLC Group owner, Kudrat Abdullaev, emphasised that the due diligence process was not just a business assessment but a step towards building a deeper partnership between the two companies.
“Now, Mr King Lim and his team are not just potential business partners, you are family,” he said.
The due diligence process involves a comprehensive review of Afsona LLC Group’s infrastructure, operational capabilities, market reach and financial performance. The team also evaluated local market dynamics, the regulatory environment and growth prospects in the region.
Afsona LLC Group’s business interests in Namangan span multiple sectors, including a popular family theme park, various real estate developments, shopping malls, vehicle sales and distribution, as well as the manufacturing of oil and gas equipment.
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Lim said the trip was not just about business but about forging a lasting partnership built on mutual trust and respect.
“We are deeply impressed by Mr Kudrat’s vision and entrepreneurial spirit, as well as his commitment to the development of Namangan.
“And we are confident that together we can create a successful, mutually beneficial venture that will contribute to Uzbekistan’s economic growth.”
This collaboration is a key part of FIVE Petroleum’s wider strategy to expand its retail network in Uzbekistan.
By leveraging its expertise in retail operations, brand management and technological innovation, the company aims to improve efficiency and enhance the customer experience at Afsona's gas stations.
The partnership marks a significant step in strengthening the economic ties between Malaysia and Uzbekistan.
