Sibur
PJSC SIBUR Holding is a vertically integrated Russian petrochemical company headquartered in Moscow, founded in 1995 as a subsidiary of Gazprom to consolidate fragmented hydrocarbon processing and petrochemical production assets following the Soviet Union's dissolution.[1] It specializes in gas processing, production of monomers, polymers, elastomers, and organic synthesis products, serving industries including construction, automotive, agriculture, and packaging.[2] As Russia's largest petrochemical enterprise after its 2021 merger with TAIF Group, SIBUR processes natural gas into high-value synthetic materials, with production facilities spanning over 20 regions and employing approximately 23,000 people.[1][3] The company has pursued aggressive expansion through investments in capacity, digitalization, and sustainability initiatives, tripling gas processing volumes between 2006 and 2013 and achieving leadership in polymer output domestically.[1] Major shareholders include Leonid Mikhelson, founder of Novatek, holding around 30-42% stake, and Gennady Timchenko, with the structure reflecting private ownership by figures aligned with Russian state interests post-restructuring from Gazprom control.[4][5] In recent years, SIBUR has redirected exports toward Asia amid Western sanctions on Russia, ramping up sales of key products like polyethylene and polypropylene while compensating for Scope 1 and 2 emissions at select facilities.[6][7] SIBUR has encountered challenges from international sanctions imposed on executives such as former CEO Dmitry Konov and shareholders following Russia's 2022 invasion of Ukraine, though the company itself remains unsanctioned and has prevailed in European court disputes to unfreeze trading subsidiary assets.[8][9] Investigative reports have alleged indirect ties to elite corruption, including funding for properties associated with President Vladimir Putin through intermediaries, highlighting risks of opaque dealings in Russia's resource sector despite the firm's operational focus on industrial efficiency.[10]Overview
Company Profile and Strategic Focus
SIBUR Holding is Russia's largest vertically integrated petrochemical company, headquartered in Moscow at Krzhizhanovsky Street 16/1. It processes natural gas liquids and hydrocarbons into monomers, polymers, synthetic rubbers, and basic chemicals, serving sectors including construction, automotive, packaging, and consumer goods. The company operates across the full value chain, from midstream gas processing to downstream product manufacturing and logistics, positioning it as one of the fastest-growing players in the global petrochemical industry. In 2023, SIBUR generated revenue of USD 12.88 billion, reflecting its scale amid ongoing expansion projects.[11][12][13] Originally formed in 1995 from Gazprom's petrochemical assets, SIBUR underwent significant restructuring, with entrepreneur Leonid Mikhelson acquiring a controlling stake between 2010 and 2011. Following the 2022 merger with TAIF, major shareholders include Mikhelson (approximately 36%) and Gennady Timchenko (17%), though the full structure remains privately held and not publicly detailed as of 2025. The company has prioritized capacity growth, investing 440 billion rubles in 2024—nearly double prior levels—to double production from 2021 baselines through initiatives like the Amur Gas Chemical Complex, which reached 88% completion in October 2025 and will add 2.3 million tons of annual polymer capacity.[14][4][15][16][17] SIBUR's strategic focus centers on sustainable development and technological advancement, guided by its updated 2030 sustainability strategy that builds on the 2025 framework. Priorities include reducing greenhouse gas emissions per unit, boosting low-carbon and recycled product output—reaching 287,000 metric tons in 2024—and enhancing recycling infrastructure to process at least 600,000 tons of polymer waste cumulatively by 2029. The company integrates ESG principles, aiming for carbon neutrality at additional facilities via energy efficiency and green energy procurement, while pursuing digital transformation and R&D in renewable feedstocks to align with global market demands and Russian national goals.[18][19][20][21]Core Products and Market Position
SIBUR's core products primarily consist of polymers and synthetic rubbers, produced through its integrated petrochemical operations. These include polyolefins such as polyethylene and polypropylene, which are essential for packaging, construction, and automotive applications; elastomers including commodity and specialty synthetic rubbers used in tire manufacturing and industrial goods; and plastics along with organic synthesis products like phenol and acetone. In 2023, SIBUR introduced 27 new grades of petrochemical products, targeting sales potential of 111,000 tonnes per year.[22] The company's business segments encompass Olefins and Polyolefins, Plastics, Elastomers, and Organic Synthesis, enabling a diversified portfolio that supports downstream industries including infrastructure, consumer goods, and agriculture.[23] As Russia's leading producer of polymers and rubbers, SIBUR holds a dominant position in the domestic petrochemical market, where it directs approximately 75% of its supplies as of 2023. That year, domestic sales of polypropylene and polyethylene rose 11% year-on-year, while elastomer sales increased by 8% and plastics and organic synthesis products by 11%, aligning with a 10% growth in Russia's overall polymer consumption to 4.4 million tonnes.[11][6] Globally, SIBUR ranks among the fastest-growing petrochemical companies, with ambitions to place in the middle of the top ten producers of synthetic materials, bolstered by expanded capacities and a strategic pivot toward import substitution amid reduced exports.[11][16]Business Operations
Midstream Activities
Sibur's midstream segment primarily involves the acquisition, processing, and transportation of associated petroleum gas (APG) and raw natural gas liquids (NGLs) sourced as by-products from oil producers in Western Siberia. These activities produce fractionated components such as ethane, propane, butane, and stable gas gasoline, which serve as feedstocks for the company's petrochemical operations or are sold externally.[24][25] The segment's integration with downstream petrochemicals enables cost-efficient feedstock supply, with midstream historically accounting for a notable portion of overall EBITDA before shifts toward higher-value processing.[26] The infrastructure includes multiple gas processing plants, such as those at Nizhnevartovsk, Belozerniy, Yuzhno-Balyksky, and Gubkinsky, which handle APG volumes through fractionation units to recover over 90% of liquid hydrocarbons. For example, the Nizhnevartovsk plant processes up to 4.6 billion cubic meters of APG annually following capacity upgrades completed in 2008.[27] In Q1 2021 alone, Sibur's facilities processed 4.8 billion cubic meters of APG, reflecting operational scale amid fluctuating upstream supply.[28] Expansions, including a 2014 project at one facility increasing APG capacity from 2.8 to 4.2 billion cubic meters per year, underscore investments to bolster recovery rates and secure NGL volumes up to 6.6 million tonnes annually at sites like Tobolsk for fractionation.[29][30] Transportation relies on an owned pipeline network totaling 2,799 kilometers, connecting extraction fields in the Yamal-Nenets and Khanty-Mansiysk regions to processing and end-use sites, minimizing logistics costs and enabling just-in-time delivery to crackers.[31] Additional logistics include rail shipments for liquefied petroleum gas (LPG) exports, such as from the Nyagan plant, with initial volumes to China reaching 20,000 metric tons per year starting in the mid-2010s.[32] This midstream backbone supports Sibur's vertical integration, purchasing raw materials under long-term arrangements from producers like Gazprom Neft, while adapting to market dynamics through joint ventures, such as the 900 million cubic meters per year APG plant commissioned in 2015.[33]Olefins, Polyolefins, and Downstream Products
SIBUR's production of olefins centers on ethylene and propylene, generated via steam cracking of light hydrocarbons at three dedicated cracker facilities, augmented by a propane dehydrogenation unit for propylene.[34] These olefins serve as feedstocks for downstream polymerization and synthesis processes. A flagship installation is the ZapSibNeftekhim complex in Tobolsk, operational since 2019, with its cracker yielding 1.5 million tonnes per year of ethylene and 500,000 tonnes per year of propylene.[35] In January 2025, the Nizhnekamskneftekhim subsidiary initiated ethylene output from a new unit rated at 600,000 tonnes per year, enhancing group-wide olefin supply.[36] Polyolefins constitute the primary derivatives, encompassing polyethylene variants—high-density (HDPE), low-density (LDPE), and linear low-density (LLDPE)—alongside polypropylene (PP) in homopolymer and copolymer forms. At ZapSibNeftekhim, integrated polymerization lines produce 1.5 million tonnes per year of PE and 500,000 tonnes per year of PP, leveraging technologies licensed from partners like INEOS.[35] [37] Post-ZapSib, SIBUR's consolidated PE capacity approximated 1.77 million tonnes per year, with PP at 1.5 million tonnes per year.[35] Expansion continues at the Amur Gas Chemical Complex, where polypropylene line installation commenced in 2025, targeting 400,000 tonnes per year of PP alongside 2.3 million tonnes per year of PE from 2026 onward.[38] [39] Downstream products extend from polyolefins to specialized plastics and intermediates, including polystyrene via styrene polymerization and bi-oriented polypropylene (BOPP) films from PP extrusion. SIBUR is advancing a polystyrene facility in Tatarstan with 250,000 tonnes per year capacity, slated for 2029 commissioning.[40] [41] In August 2025, the Nizhnekamskneftekhim site yielded initial hexene output from a 50,000 tonnes per year unit, a co-monomer enhancing PE properties for packaging and films.[42] These outputs support applications in packaging, automotive components, and construction, with SIBUR exporting over 200,000 tonnes per year of PP and approximately 100,000 tonnes per year of LDPE to international markets.[41]Production Facilities and Technological Capabilities
SIBUR operates 26 production facilities across 20 regions of Russia, specializing in gas processing, petrochemical intermediates, polymers, and synthetic rubbers.[43] These sites leverage integrated operations near raw material sources like associated petroleum gas, supported by 2,799 kilometers of pipelines for efficient feedstock delivery.[44] Major facilities include the ZapSibNeftekhim complex in Tobolsk, with a total polymer output capacity of 2.5 million tonnes per annum (mtpa) for polyethylene (PE) and polypropylene (PP), encompassing two slurry PE lines (700,000 tpa combined), two gas-phase PE lines (800,000 tpa combined), and the Tobolsk-Polimer PP plant (500,000 tpa).[45][46][47] The Nizhnekamskneftekhim site in Tatarstan focuses on synthetic rubbers and plastics, while Kazanorgsintez in the same republic leads in low- and high-density PE synthesis and polycarbonate production.[48][49] The Amur Gas Chemical Complex (AGCC), a joint venture with Sinopec located in the Amur region, is 88% complete as of October 2025 and designed for 2.7 mtpa of PE and PP, with PE production slated to begin in the second half of 2026 and PP in early 2027; it incorporates four PE lines (2.3 mtpa combined) and one PP line (0.4 mtpa).[50][51][52] Other notable assets include BIAXPLEN facilities producing over 180,000 tpa of biaxially oriented polypropylene (BOPP) films across five regions and a Blagoveshchensk plant for PET granules incorporating recycled content.[53][54]| Facility | Location | Key Products/Capacity |
|---|---|---|
| ZapSibNeftekhim/Tobolsk-Polimer | Tobolsk, Tyumen Oblast | PE (1.5 mtpa), PP (0.5 mtpa) |
| Amur GCC | Amur Region | PE (2.3 mtpa), PP (0.4 mtpa) – upcoming |
| Kazanorgsintez | Kazan, Tatarstan | LDPE/HDPE, polycarbonate |
| Nizhnekamskneftekhim | Nizhnekamsk, Tatarstan | Synthetic rubbers, plastics |
History
Origins from Gazprom and Early Formation
SIBUR originated as a consolidation of Soviet-era gas processing and petrochemical assets disrupted by the USSR's 1991 collapse, with many facilities historically linked to upstream natural gas operations under the Ministry of the Gas Industry, the predecessor to Gazprom. Established on March 13, 1995, by Russian Government decree as Aktsionernoe Obshchestvo "AK SIBUR" (JSC "AK SIBUR"), the holding company integrated over 100 enterprises specializing in natural gas liquids extraction, polymerization, and basic chemicals production. This formation addressed the fragmentation of the sector, where post-privatization entities lacked coordination with feedstock suppliers like Gazprom, Russia's dominant gas producer formed in 1993.[60][14] Initially, 38% of shares were state-owned, with the structure designed to re-establish vertical linkages from Gazprom's associated gas and liquids to downstream products such as ethylene, propylene, and polymers. Early operations emphasized rehabilitating acquired assets, including gas processing plants that handled up to 20-30% of Russia's associated gas volumes, though financial strains from the 1990s economic transition hindered progress. Between 1998 and 1999, SIBUR expanded by absorbing over 60 additional petrochemical facilities, many requiring significant investment for modernization.[60][14] The company's early formation crystallized amid crisis in the late 1990s, exacerbated by Russia's 1998 default and global petrochemical downturn, leading to debts exceeding 24 billion rubles ($800 million at the time) owed primarily to Gazprom for unpaid gas supplies. In 2001, Gazprom intervened as creditor, acquiring controlling interests in core assets via debt-for-equity swaps, bankruptcy auctions, and direct share purchases, thereby originating SIBUR's stabilized structure under its oversight. This control—formalized with Gazprom holding 25% and Gazprombank 75% by 2005—secured feedstock flows and positioned SIBUR as Gazprom's downstream arm for hydrocarbon conversion.[61][62][14] By 2002, Gazprom launched an anti-crisis program, divesting non-core units, injecting capital, and appointing management to streamline operations, transforming SIBUR from a debt-burdened conglomerate into Russia's leading integrated gas chemicals producer. This phase laid the groundwork for subsequent growth, with annual gas processing capacities reaching 30 billion cubic meters by the mid-2000s.[14]Reorganization and Crisis Management (1990s–2000s)
SIBUR was founded in 1995 under Gazprom's management to consolidate and revive fragmented Soviet-era petrochemical operations disrupted by the USSR's dissolution, marking an initial effort to restore supply chains in hydrocarbon processing.[14] The company rapidly expanded in 1998–1999, acquiring over 60 assets across Russia, supported by Gazprom's feedstock supplies and financing amid post-crisis asset sales.[14] The 1998 Russian financial crisis, compounded by a global petrochemical downturn, triggered severe financial distress for SIBUR, resulting in mounting debts exceeding 49 billion rubles (approximately $1.57 billion) and negative profit margins by the early 2000s.[14] [63] Gazprom intervened to avert bond defaults, providing $74 million in 2001 and additional funds to reclaim control over key assets valued at around 24 billion rubles in arrears owed to it.[61] In 2002, amid allegations of asset stripping that led to the detention of several executives, Gazprom launched an anti-crisis program featuring structural reforms and debt rescheduling over nine years.[64] [65] Alexander Dyukov's appointment as CEO in 2003 facilitated stabilization through a restructured management team combining industry veterans and younger specialists, enabling the formulation of a long-term development strategy focused on operational efficiency.[14] By 2005, ongoing debt restructuring within the Gazprom Group culminated in the reorganization of OAO Sibur Holding, which streamlined the corporate structure and positioned the entity for future investments in gas processing and petrochemical capacities.[66] These measures restored financial footing, tripling gas processing volumes by the late 2000s via new facilities and pipelines.[14]Expansion and Consolidation (2010s)
In 2010, SIBUR acquired 100% of the share capital of OJSC NOVATEK-Polymer from NOVATEK, integrating its polymer assets and strengthening vertical consolidation in plastics production.[67] Between 2010 and 2011, entrepreneur Leonid Mikhelson obtained a controlling stake in the company, facilitating accelerated implementation of expansion strategies amid a shifting ownership structure from prior Gazprom influences.[14] From 2010 to 2013, SIBUR initiated a comprehensive investment program emphasizing upstream integration, which tripled the company's associated petroleum gas processing capacity through construction of new gas processing plants, compressor stations, pipeline infrastructure, and gas fractionation units to secure feedstock supplies for downstream operations.[14] In March 2014, SIBUR purchased the remaining 49% stake in its joint venture with Rosneft, achieving full ownership and operational control over key gas processing assets in western Siberia.[68] A cornerstone of mid-decade expansion was the ZapSibNeftekhim project in Tobolsk, where construction commenced on February 17, 2015, involving a $9.5 billion investment in a steam cracker and polyolefins facilities designed to produce 1.5 million tonnes per annum of ethylene, 1 million tonnes of propylene, and 2 million tonnes of polymers annually.[69][70] The project, partially financed by international investors including the Russian Direct Investment Fund, advanced rapidly with construction reaching 95% completion by April 2019, enabling SIBUR to triple its polymer output and enhance export-oriented capacities targeting Asian markets.[71] Complementary efforts included a July 2015 expansion of gas fractionation capacity at the Tobolsk facility to process additional raw natural gas liquids, supporting olefin feedstock needs.[72] Subsidiary developments bolstered consolidation, such as BIAXPLEN's 2013 launch of a new biaxially oriented polypropylene film production site in Tomsk and a 2014 upgrade adding further film capacity, aligning with SIBUR's push into specialized plastics.[73] These initiatives, underpinned by over $13 billion in total investments during the decade, positioned SIBUR as Russia's dominant integrated petrochemical player by enhancing self-sufficiency in monomers and polymers while mitigating reliance on imported technologies and raw materials.[14]Recent Transformations and Mergers (2020s)
In October 2021, SIBUR completed its merger with TAIF Group, forming Russia's largest petrochemical entity by integrating TAIF's upstream and petrochemical assets, including Nizhnekamskneftekhim and Kazanorgsintez, which added significant polypropylene and polyethylene capacities. Under the terms, TAIF shareholders received a 15% stake in SIBUR in exchange for control of TAIF's petrochemical subsidiaries (50% plus one share), while SIBUR issued USD 3 billion in acquisition bonds maturing between 2022 and 2032 to finance the deal. This consolidation enhanced vertical integration and market dominance in basic polymers, with combined output exceeding 5 million tonnes annually post-merger.[74][75][14] Western sanctions following Russia's 2022 invasion of Ukraine prompted operational shifts, including governance changes in March 2022 after CEO Dmitry Konov's designation, which restructured executive roles to maintain continuity. Export restrictions to Europe, previously accounting for over 50% of polymer sales, forced a pivot toward domestic substitution and Asian markets, accelerating in-house technology development to counter technology access barriers. By 2024, SIBUR reported regaining pre-sanctions efficiency levels through adapted supply chains, though core EBITDA declined amid higher logistics costs and reduced Western equipment imports.[76][77] In March 2024, SIBUR announced a management model overhaul effective April, shifting from product-line divisions to industry-focused units to prioritize Russian customer demand in sectors like construction, automotive, and packaging, aiming to capture an additional 1-2 million tonnes of annual domestic polymer consumption. This restructuring emphasized import replacement, with investments in proprietary catalysts and resins to mitigate sanction-induced shortages. Concurrently, the Amur Gas Chemical Complex—a joint venture with Sinopec initiated in 2020—advanced to 88% completion by October 2025, targeting 2.7 million tonnes of polyethylene and polypropylene annually for export to China starting in late 2026, despite delays from licensing hurdles.[78][50][79] In April 2025, SIBUR acquired a 60% stake in Kazakhstan's idle Polymer Production LLP, a BOPP film facility, from KazMunayGas, planning its restart in Q3-Q4 2025 to expand biaxially oriented polypropylene output amid regional market opportunities. This move supports broader Eurasian integration, leveraging post-TAIF synergies for downstream expansion.[80][81]Ownership and Governance
Major Shareholders and Ownership Evolution
SIBUR originated as a state-controlled entity, carved out from Gazprom's gas processing and petrochemical assets between 1996 and 2000, with Gazprom retaining majority influence until the late 2000s.[14] In December 2010, Gazprombank sold its 100% stake in SIBUR to Leonid Mikhelson, founder of natural gas producer Novatek, marking the transition to private ownership under his control.[82] Mikhelson subsequently consolidated his position, reaching approximately 50% by 2014, while allocating shares to senior managers as incentives.[83] Gennady Timchenko, a Russian billionaire with ties to energy trading via Gunvor Group, held a significant minority stake of around 15% from the early 2010s. Kirill Shamalov, son of Putin associate Nikolai Shamalov and a SIBUR executive, initially received shares through management programs valued at a nominal $100 in 2010 despite the company's multibillion-dollar valuation; his stake grew to 21.3% by September 2014 after acquiring Timchenko's portion with a loan exceeding $1 billion from Gazprombank.[84] Shamalov divested his entire holding to Mikhelson in May 2017 for approximately $2.85 billion, reducing his involvement amid personal circumstances including his divorce from Katerina Tikhonova, widely reported as Vladimir Putin's daughter.[85] This transaction elevated Mikhelson's stake to over 50%, with Timchenko maintaining 15%.[83] Foreign investment diversified ownership in the mid-2010s. In January 2017, China's Silk Road Fund acquired a 10% stake from existing shareholders to support Belt and Road infrastructure ties.[5] Sinopec, China's state-owned oil major, held a parallel 10% interest around this period, though its current status remains undisclosed in recent filings. In December 2021, Abu Dhabi's Mubadala Investment Company purchased a 1.9% stake, its largest Russian investment to date, focusing on petrochemical expansion.[86] The 2021 merger with TAIF Group, completed in October after Tatarstan authorities approved the deal, significantly altered the structure: TAIF shareholders, primarily the Shaykhutdinov brothers, received 15% of the combined entity in exchange for control of TAIF's petrochemical assets, diluting prior owners proportionally.[74] As of November 2024, principal shareholders include Mikhelson with 31%, Timchenko with 14.45%, Silk Road Fund with 10%, and the balance held by managers, former executives, and minor investors including TAIF remnants.[87] This configuration reflects post-merger consolidation, with Mikhelson and Timchenko as controlling figures ahead of a planned 2025 IPO.[4]| Period | Key Owners and Stakes |
|---|---|
| 2010–2013 | Leonid Mikhelson (controlling, ~50% by 2014); managers (incentive shares); Gennady Timchenko (~15%)[83] |
| 2014–2017 | Mikhelson (~50%); Kirill Shamalov (21.3%); Timchenko (15.3%)[83] |
| 2017–2021 | Mikhelson (>50%); Timchenko (15–17%); Silk Road Fund (10%); managers (~14%)[5] |
| 2021–present | Mikhelson (31%); Timchenko (14.45%); Silk Road Fund (10%); TAIF shareholders (15% post-merger); Mubadala (1.9%); others[87][86] |
Corporate Governance Structure
PJSC SIBUR Holding operates under a corporate governance framework compliant with Russian Federal Law on Joint-Stock Companies, structured around three primary bodies: the General Meeting of Shareholders, the Board of Directors, and executive management. This setup prioritizes strategic oversight, operational efficiency, and shareholder rights protection, with principles including equitable treatment of shareholders, reliable information disclosure, and robust internal controls.[88] The General Meeting of Shareholders functions as the supreme governing authority, convened at least annually via in-person or absentee voting to deliberate on material issues such as approval of annual reports and financial statements, dividend distribution from profits, election of the Board of Directors and Audit Commission, and auditor selection. For instance, the 2022 annual meeting on May 13 addressed the 2020 financials and governance elections, while an extraordinary meeting on April 28 approved charter amendments.[89] The Board of Directors provides strategic guidance, supervises executive bodies, and ensures alignment with long-term objectives, remaining accountable to the General Meeting. As of December 20 (post-2022 updates), Leonid Mikhelson, Chairman of Novatek, serves as Board Chairman, with Alexander Dyukov, CEO of Gazprom Neft, as Deputy Chairman; the Board includes representatives from major stakeholders and independent directors to balance oversight.[90][91] Executive management, headed by CEO Mikhail Karisalov—who also chairs the Management Board—handles day-to-day operations under the oversight of LLC SIBUR as the managing entity. In March 2022, amid Western sanctions, the structure was reorganized: the Management Board's decision-making powers were partially devolved to the Board of Directors and CEO, following the resignation of former Chairman Dmitry Konov, to streamline leadership and adapt to external pressures while maintaining operational continuity. This includes integrated risk management, audit committees, and compliance mechanisms for monitoring key risks and financial reporting.[76][92][88]Financial Performance
Revenue, Profitability, and Key Metrics
In 2023, PJSC SIBUR Holding recorded revenue of 1.09 trillion Russian rubles and net profit of 168.51 billion Russian rubles under its financial reporting standards.[93] For the full year 2024, EBITDA stood at 477 billion Russian rubles, down 2.2% from 2023, with an EBITDA margin of 40.7%, reflecting pressures from elevated raw material costs amid volatile global energy markets and sanctions-related supply chain adjustments.[93] In the first nine months of 2024, net profit under Russian Accounting Standards rose 90% year-over-year to 165.99 billion Russian rubles, driven by improved operational efficiencies and favorable domestic demand for petrochemical products.[87] Under IFRS, net profit for the same period increased 2.6-fold to 157.84 billion Russian rubles, supported by revenue growth across core segments despite export restrictions.[94]| Metric | 2023 (Full Year) | 2024 (Full Year EBITDA) | 9M 2024 (RAS Net Profit) | 9M 2024 (IFRS Net Profit) |
|---|---|---|---|---|
| Revenue | 1.09 trillion RUB | N/A | Increased YoY (exact figure not specified in reports) | Increased YoY (exact figure not specified in reports) |
| Net Profit | 168.51 billion RUB | N/A | 165.99 billion RUB | 157.84 billion RUB |
| EBITDA | ~488 billion RUB (implied) | 477 billion RUB | N/A | N/A |
| EBITDA Margin | N/A | 40.7% | N/A | N/A |
Capital Raising and Bond Issues
In January 2013, SIBUR launched its debut international eurobond, a five-year issue totaling $1 billion aimed at funding expansion and general corporate purposes.[95] The oversubscribed offering marked the company's entry into global debt markets, attracting orders from over 280 international investors.[60] Subsequent eurobond issuances included $500 million in notes with a 3.45% coupon issued in 2019, maturing on September 23, 2024.[96] In July 2020, SIBUR raised another $500 million via five-year eurobonds at a 2.95% coupon, the lowest rate achieved by the company at the time, reflecting improved market access amid favorable conditions.[97] Domestically, SIBUR has issued ruble-denominated exchange-traded bonds, such as the BO-03 series totaling 10 billion rubles, with order books closed at coupon rates supporting ongoing liquidity needs.[98]| Issuance Date | Amount | Coupon | Maturity | Currency |
|---|---|---|---|---|
| January 2013 | $1 billion | N/A | 2018 | USD |
| 2019 | $500 million | 3.45% | September 2024 | USD |
| July 2020 | $500 million | 2.95% | July 2025 | USD |