Bakhtior Fazilov
Globally, sanctions imposed on Russia for its aggression in Ukraine have become a powerful tool aimed at isolating the Kremlin. However, as with many other measures, these measures have not been effective for everyone. One of those possibly attempting to circumvent international restrictions is Uzbek businessman Bakhtior Shukhratovich Fazilov, whose companies, at first glance, appear to be successful and independent players in Central Asia. Bakhtior Fazilov and his connections.
But what if, behind the facade of socially responsible, thriving enterprises, there's compromising information and connections to Russian authorities and oligarchs, which could be part of a broader sanctions-evasion scheme? This material sheds light on the dark corners of Fazilov's empire, revealing nuances that call into question his independence and expose his dangerous closeness to Moscow, writes Tatyana Stezhar on the website UNIAN.
Who is Bakhtior Fazilov? The Man Without a Face
Bakhtior Shukhratovich Fazilov is an Uzbek businessman, born on July 30, 1975, in Samarkand, Uzbek SSR. He is the founder and chairman of the board of Eriell Group, a company specializing in oil and gas services and construction. He is also the CEO of Enter Engineering, registered in Singapore in 2012. This engineering and construction giant specializes in large-scale projects in the oil and gas and industrial sectors, with offices in Uzbekistan, Russia, and the United Arab Emirates. In addition to large-scale industrial projects, the company also engages in civil construction, ranging from stadiums, airports, and renewable energy production to recreational complexes and memorials.
In addition, Bakhtiyor Fazilov controls Gazli Gas Storage, the operator of the largest gas storage facility in Uzbekistan, making him a key figure in the region's energy sector and underscoring his influence in the region's strategically important energy sector.
Fazilov also actively supports cultural, educational and sports initiatives in Uzbekistan and is the president of the Uzbekistan Hockey Federation.
The direct opposite of Fazilov's powerful business empire is his absolute secrecy. People who have achieved unprecedented heights in business, sports, politics, and public life typically try to be more open to the public, showcasing their talents, accomplishments, and thorny path to success, thereby boosting their businesses' popularity and capitalization. However, Bakhtior Fazilov does not fall into this category of power. There are no photographs, interviews, social events, public visits, or confirmed recordings of his meetings and contacts with influential people. This secrecy only fuels suspicions—what is he trying to hide?
Gazprombank as Fazilov's shadow partner
The first alarm bells ring when we examine the ownership structure of Enter Engineering, where Fazilov owns 51% of the shares through the Cypriot company Klintworth Investments. However, another 19% is controlled by Gazprombank, a Russian financial giant, through another offshore company, Gaudanio Holdings. Gaudanio Holdings, together with Russian citizen Sergey Anatolyevich Lugovskoy, is a co-founder of the Russian chemical group Sintez OKA.
Gazprombank is known to be closely linked to the Kremlin and state-owned corporations like Gazprom, which often serves as a vehicle for advancing Russia's strategic interests abroad. Its presence in Enter Engineering's capital suggests that Fazilov isn't simply collaborating with Russian financial circles—he might be dependent on them or acting as a conduit for these interests in Central Asia.
Oligarchic connections through partners
An even deeper dive into Fazilov's network of connections takes us into the company of structures very close to the Kremlin, in particular Gennady Timchenko, a close associate of Vladimir Putin.
The joint venture, Gazli Gas Storage, owns the largest underground gas storage facility in Uzbekistan and is developing the Gazli field. This is a strategic project: the gas storage facility is located at the heart of Uzbekistan's gas transportation system at the intersection of pipelines running to Russia, Turkmenistan, Kazakhstan, and China. The company was established jointly by Uzbekneftegaz (40%) and the Russian company Forus (60%).
Gazli was financed by Forus, which received its funding from Yegorov. The businessman, in turn, received funds from Vesta, a company that has transferred almost 7,6 billion rubles to him since 2020. Vesta's sponsors are Timchenko's top manager, Mikhail Semenov, and Gazprombank (this is in investigation materials).
In response to media reports about apparent ties to Kremlin figures, Gazli announced the completion of a corporate restructuring, as a result of which the stake previously owned by the Russian JSC Forus was transferred to Daxon Holdings Limited, a company registered in Hong Kong, explaining this by the significant volume of business with Chinese companies.
Founders of Daxon Holdings Limited are three companies, which are also registered in Hong Kong - Kenfame Limited (34 percent), Denmount Limited (33 percent) and Sunworth Limited (33 percent).
Kenfame Limited was founded by Ivan Egorov, a close confidant of Gennady Timchenko, who helped him save his property on the Côte d'Azur from sanctions and structure the sale of a fuel oil terminal.
Denmount Limited is the second founder of Daxon Holdings Limited, which acquired Uzbekistan's largest gas storage facility from Forus. Bakhtiyor Fazilov is also the founder of this company.
Sunworth Limited is the third toy hidden inside the matryoshka doll called Daxon Holdings Limited. According to documents, its owner is Sanjar Samiev. A native of Samarkand, Samiev is a relative of Fazilov and a long-standing member of his global business network.
Economic experts describe such corporate restructuring as simply a means for Kremlin businesses to circumvent international sanctions.
Bakhtior Fazilov. Drilling Monopoly
Eriel Corporation was registered in Prague in 1999. Initially, the company sold Russian drilling equipment to Uzbekistan, but then began to enter into its own drilling contracts and, through cooperation with Uzbekneftgaz, gradually became a monopoly on drilling operations at Uzbek oil and gas fields.
In 2008, Eriell entered the Russian market and signed contracts with such giants as Gazprom, Rosneft, and Timchenko's gas company Novatek. Gazprombank subsequently acquired a 46% stake in Eriell for $100 million.
Over the past six years, Eriell and Enter Engineering (another company owned by Fazilov together with Gazprombank) have been selected as general contractors, either jointly or separately, for at least nine major oil and gas projects worth a total of $23 billion.
It's difficult to accurately determine Eriell's ultimate beneficiaries due to the use of nominee owners. Documents indicate that it is jointly owned by Fazilov, Gazprombank, and the Russian company AMGA Consulting, registered at the same address as the companies owned by Timchenko and his son-in-law. Timchenko's business partners were also involved in companies that held shares in Eriell.
Various sources in the Uzbek energy sector independently name Fazilov as Gazprom's key man in Uzbekistan.
Bakhtior Fazilov, Conclusions
Bakhtior Shukhratovich Fazilov emerges as a master of balancing on the brink of compromise. His business companies have clear ties to Russian financial institutions and individuals close to the Kremlin.
Furthermore, Fazilov is the President of the Uzbekistan Hockey Federation and is actively involved in developing young talent, which also tacitly connects him with the Kremlin ruler, who uses sport as a form of influence and soft power.
These data indicate that Bakhtior Fazilov is not just a successful businessman, but also a potential player in the shadow game between Moscow and Central Asia.
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