Gazprombank Trims Stake in Uzbek Contractors

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Gazprombank has reduced its shareholding in Enter Engineering, a Singapore-based company controlled by Uzbek tycoon Bokhtiyor Fazilov and one of the largest contractors in Uzbekistan. According to a Singapore business registry, Gazprombank has trimmed its stake in Enter Engineering from 49% to 19%, with the shares held by its Cyprus-based subsidiary Gaudanio Holdings. The other 30% is now owned by another Cypriot Entity, Laboreno Limited, whose ultimate beneficiary is not known. Fazilov, one of Uzbekistan's richest and most secretive businessmen, retains his 51% stake under the name of Klintworth Investments, which is also Cypriot. Enter Engineering is the lead contractor in several downstream energy projects in Uzbekistan, including the ongoing construction of a gas-to-liquids plant near the southern town of Qarshi, which is being overseen by state-owned Uzbekneftegaz. The plant, which is due to come on line in 2021, will produce in excess of 1.5 million tons of synthetic oil products, including diesel and jet fuel, and will process roughly 3.6 Bcm/yr of gas. Enter Engineering is closely affiliated to Eriell, an oil services contractor that is chaired by Fazilov and has a dominant position in Uzbekistan, as well as a presence in Russia and parts of the Middle East. Gazprombank is also a shareholder in Eriell, but that stake has also been reduced.

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