KazMunayGas Sells Majority Stake in Polymer Production LLP to Russia’s Sibur Holding

Kazakhstan’s national company KazMunayGas has sold a 60% stake in Polymer Production LLP to Russian conglomerate Sibur Holding, Orda.kz reports.

The enterprise in the Atyrau region specializes in manufacturing polypropylene bags.

According to a document published on the Kazakhstan Stock Exchange (KASE) website, KazMunayGas no longer owns the plant fully. The national company retains a 40% share, while Russia’s PJSC Sibur Holding now holds the majority.

Polymer Production LLP, founded in 2012, is based in the Karabatan industrial zone in Atyrau. It is described as the first large-scale facility in Kazakhstan and Central Asia for producing polypropylene bags and film. Since its founding, the company has contributed 1.664 billion tenge in taxes to the national budget.

However, recent financial indicators have shown a decline. Since 2023, tax payments have decreased, and the company’s wage fund has dropped from over 1.1 billion tenge in 2023 to 785 million in 2024, and 235.8 million in early 2025.

Previously, Polymer Production LLP was part of the Samruk-Kazyna National Welfare Fund group as a subsidiary of United Chemical Company LLP. Since the end of 2023, full ownership had belonged to KazMunayGas.

Sibur Holding is one of Russia’s leading oil and gas companies. As of 2023, its assets were valued at over 1.9 trillion rubles (11.77 trillion tenge). The company focuses on hydrocarbon processing and producing polyethylene, polypropylene, plastics, fuel additives, and related products.

Its key shareholders include Russian billionaires Leonid Mikhelson and Gennady Timchenko.

Original Author: Nikita Drobny