Kazakhstan’s Butadiene Project Turns to Yuan-Denominated Debt
Photo: Ministry of Energy
Butadien LLP, controlled by Kazakhstan’s state wealth fund Samruk-Kazyna, will raise 543.5 million yuan, or about $80 million, by issuing bonds on the Astana International Exchange (AIX), Orda.kz reports.
Finmentor.kz drew attention to the placement. According to the exchange notice, the company issued 543,535 bonds with a face value of 1,000 yuan each.
The bonds have a one-year term and an annual coupon rate of 4.5%, with payments every six months. The company must repay them on July 23, 2027.
The plant is expected to cost about $1.1 billion. The bond issue therefore represents approximately 7% of the total investment required. However, the AIX documents do not specify whether the money will be used directly for construction.
Samruk-Kazyna Ondeu, a subsidiary of Samruk-Kazyna, owns 99.999% of Butadien LLP. The remaining 0.001% belongs to SSAP LLP.
China’s Sinopec Guangzhou Engineering is designing and building the plant. Finmentor.kz suggested that payments to the Chinese contractor may explain why the bonds were issued in yuan.
Russia’s Tatneft previously owned 75% of Butadien LLP but withdrew from the project in February 2026. After its departure, the financial burden effectively shifted to Samruk-Kazyna’s structures.
Original author: Alexander Zhdanov
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