History

Siberia-Urals Petrochemical Company (SIBUR) was founded by an ordinance of the Government of the Russian Federation dated March 7, 1995. The company obtained state registration on July 17, 1995.

The conversion of state enterprises in petrochemical and oil-processing industries into joint-stock companies was launched in Russia in 1992 and went in conformity with a special decree by the then Russian president, Boris Yeltsin. Under the decree, 38 percent of shares of Sibneftegazpererabotka enterprises (now gas processing plants of SIBURTymenGaz), the Perm gas processing plant (now part of SIBUR-Khimprom) and the Gazpererabotka R&D Institute were retained in federal ownership for three years.

These stakes went to AK SIBUR, the predecessor of the current company. The remaining 62% were to be sold for privatization vouchers.

In September 1995, AK SIBUR was registered in Nizhnevartovsk. Under another ordinance of the Government of the Russian Federation of September of September 18, 1995, 51% of the company’s voting stock was retained in the federal ownership as that of a company "manufacturing products of strategic importance for ensuring national security." However, two years after that, AK SIBUR was excluded from the list of strategically important companies and its state-owned shares were allowed to be sold through specialized cash auctions. In 1997 and 1998, the Russian Federal Property Fund sold the state-owned stake. The shares were bought by companies controlled by Yakov Goldovsky.

From late in 1998, AK SIBUR started transforming its structure into a vertically integrated petrochemical holding with a full production cycle – from deep processing of raw materials to manufacturing finished goods. The integration was based on industrial cooperation between petrochemical enterprises of the former USSR.

Simultaneously, SIBUR managers managed to persuade Gazprom of the necessity to set up a major petrochemical company that would allow to diversify business and to involve Gazprom in investment into this market segment.

Initially, SIBUR united enterprises from the raw-material segment of the petrochemical business but subsequently the company focused on its processing segment. This specific feature of the company’s corporate genealogy had a variety of consequences. Using own raw materials, SIBUR is a petrochemical company with a production chain of unique length and stability. However, in the course of consolidation of different companies under SIBUR’s aegis it turned out that enterprises dispersed across the country differ dramatically in their efficiency.

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