Tashkent, Uzbekistan (UzDaily.com) -- Bakhtiyor Fazylov is the main beneficiary of Gazli Gas Storage LLC both before and after the corporate restructuring completed in October 2023. The company said in a statement.

The restructuring included the transfer of the stake previously owned by the Russian Forus LLC to Daxon Holdings Limited, a company registered in Hong Kong.

Gazli Gas Storage notes that Bakhtiyor Fazylov remains the main beneficiary before and after this restructuring, and the company was never owned by sanctioned individuals.

The company explains the decision to relocate to Hong Kong due to the significant volume of business with Chinese companies. This also simplifies calculations, attracting financing, purchasing equipment and makes the ownership structure more transparent for international investors and counterparties.

Gazli Gas Storage LLC is a gas storage operator in Uzbekistan, working to expand the program, which requires investment and attracting foreign investors.

The project includes increasing gas storage volumes in the underground gas storage facility of the Gazli field and oil and gas production, which contributes to the country’s energy security and creates new jobs.

The ongoing gas storage expansion program will significantly strengthen the energy security of Uzbekistan. The program is aimed at tripling gas storage volumes from 3 billion to 10 billion cubic meters.

Foreign investments in the amount of US$310 million have already brought tangible results: the gas storage capacity has been increased by 50%, reaching 4.5 billion cubic meters. These improvements will allow the country to more effectively manage energy resources and ensure a stable supply of gas, Gazli Gas Storage notes.