Government to sell non-core assets of Enter Engineering, Eriell and Saneg to repay debts

The decision was formalized in a resolution of the Cabinet of Ministers dated January 22, 2026, according to reporting by Podrobno.

Salary arrears exceed $131 million

According to the resolution, Enter Engineering Pte. Ltd., Eriell Group and Saneg owe approximately $131 million in unpaid salaries to 38,700 employees.

The companies, together with a working group led by Shukhrat Vafoev, Executive Director of the Fund for Reconstruction and Development of Uzbekistan, have been tasked with preparing certain assets for sale. Proceeds from these sales will be used to repay salary debts, obligations to the state budget, and loans received from unaffiliated banks.

The government instructed the working group to prioritize the repayment of wage arrears as part of efforts to stabilize the companies’ financial situation.

Major assets listed for sale

The resolution identifies several assets that will be offered for sale. These include:

• The Enter Engineering office in Chilanzar district, located at 47 Bunyodkor Avenue
• The Enter Engineering office in Sergeli district, located at 38/40 Chashtepa Street
• The Eriell Group office in Mirobod district, located at 151A Gavhar Street
• The Eriell Group office in Chilanzar district, located at 82A Chorbog Street
• The building of the Tashkent International Medical Center in Mirobod district (part of the ENERA investment holding)
• All eight hotels located in the Silk Road Samarkand tourist complex
• Samarkand International Airport, operated by Air Marakanda
• The Altyarik oil refinery facility in Fergana region
• The Angren storage terminal

Investors sought for strategic projects

The working group was also instructed to prepare proposals for attracting new investors to complete several strategic projects previously associated with the companies. Independent consultants will be engaged for this process.

Key projects include:

• The Methanol to Olefin (MTO) gas chemical complex
• An industrial complex for processing oil shale based on the Uchkun deposit
• Modernization of the Fergana Oil Refinery
• The Neophos project at the Samarkandkimyo chemical plant
• Construction of the Tebinbulak mining and metallurgical complex
• Modernization of Bukhara International Airport

Tax deferral extended until 2027

The Cabinet of Ministers also approved an extension of tax and customs payment deferrals for affiliated companies within the group until January 1, 2027. However, the deferral will take effect only after salary debts to employees are fully repaid.

In addition, a special legal regime will be introduced for settling the group’s debts. Under this regime, the companies will face restrictions on selling, pledging, or transferring movable and immovable property, as well as funds, to third parties.

New company created to manage asset sales

A new subsidiary, SANEG Aktiv, has been established in cooperation with the State Assets Management Agency. The company will operate a special account at the National Bank of Uzbekistan to manage proceeds from asset sales.

Assets transferred from the group to SANEG Aktiv will be exempt from taxes and other mandatory payments.

If assets listed on the E-Auksion online platform fail to attract buyers, their starting price will be reduced by 5 percent each week, but by no more than 20 percent in total.

Authorities including the Bureau of Compulsory Enforcement under the Prosecutor General’s Office and cadastral agencies have been instructed to assist with removing legal restrictions and processing new property documentation needed for the sales.

Settlement of debts and asset verification

The Ministry of Finance, represented by Deputy Finance Minister Khurshid Mustafayev, has been tasked with completing an inventory reconciliation of the group’s assets within one month. The ministry will also work to collect outstanding receivables related to completed construction works and previously sold volumes of natural gas.

The State Assets Management Agency must formally establish SANEG Aktiv within one week and organize the transfer of assets to the company within one month.

According to the national corporate registry, SANEG Aktiv was registered on February 3, 2026 with an authorized capital of UZS 100 million. The company’s main activity is listed as real estate trading. It is fully owned by Sanoat Energetika Guruhi, and Mansurbek Makhmudov has been appointed as director.

Possible sale of major gas storage operator

Podrobno also reported, citing a source, that the Gazli Gas Storage joint venture – operator of Uzbekistan’s largest underground gas storage facility – may also be sold. The project’s main beneficiary is Uzbek businessman Bakhtiyor Fozilov.

According to Alisher Khamidov, Deputy Director of Enter Engineering, funds raised from the sale are expected to be used to pay employee salaries by March 15.