Sibur-RT
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«Sibur-RT JSC», formerly known as «TAIF JSC» (Tatar-American Investment and Finance company), is a Russian investment holding and oil company, headquartered in Kazan. As of 2008, it processed up to 98% gas and chemical and petrochemical products in the Tatarstan region.[1] By 2015, it incorporated a number of subsidiary companies, including TAIF-Invest, TAIF-ST, TAIF Service, Avers bank, Avers insurance company, TVT and Novy Vek television companies, Karsar and TAIF-Telecom.[2] In 2019, the company was listed among the largest private-owned corporations in Russia.[3] In April 2021, it merged with the Sibur petrochemicals holding.[4] In April 2022, the company changed its name to «Sibur-RT JSC».[5]
| Type | Private joint-stock company |
|---|---|
| Industry | Crude oil, chemical industry, investments, construction, public services |
| Predecessor | TAIF (Tatar-American Investment and Finance company) |
| Founded | 1995 in Kazan, Russia |
| Founder | Government of Tatarstan |
| Headquarters | Kazan , Russia |
Key people | Ruslan Shigabutdinov (CEO, 2019-onwards), Albert Shigabutdinov (CEO, 1995-2019) |
| Products | Petrochemicals |
| Revenue | 159,132,900,000 Russian ruble (2017) |
| Parent | Sibur |
History
Expansion
The Tatar-American Investment and Finance company (TAIF) was created on the basis of Kazan Foreign Trade Association, established in 1990 by the government of the Tatar Autonomous Soviet Socialist Republic.[6] While the Trade Association had been assembled to cope with the supply shortages in the region, TAIF's main task was to was to prepare the privatization plans of the republic's largest enterprises.[7] The government of Tatarstan acquired a controlling interest of the new company's shares and provided it with stakes in several leading republican enterprises, including Tatneft (4%), Kazanorgsintez (3%), Nizhnekamskshina, Nizhnekamskneftekhim (9%), and others. An American company NKS Trading became another shareholder of TAIF as it invested ten million dollars and bought 36% of its stocks.[8][7][9]
Before the end of the century, most of TAIF's crucial subsidiaries were established. In June 1996, the company founded its first subsidiary branch – Meta-TAIF – to participate in the republican program of liquidating dilapidated housing.[10] A year later, a newly created TAIF-Invest received a brokerage license; LLC Karsar was acquired to act as an intermediary in imports, exports, and customs activities; and CJSC TAIF-NK was organised in Neftekamsk to build an oil-processing plant.[11][12] With the emergence of TAIF-TELCOM in 1998 and the TVT radio and television company in 1999, the company expanded into media holdings.[13] In the same year, TAIF also opened a transportation company TAIF-Magistral and two construction enterprises – TAIF-Art and TAIF-ST.[14]
Over next years, the company acquired and established around 30 subsidiaries, mostly developing in investments, construction, service sector, and petrochemical industry. With government backing, by the end of 2005, TAIF bought Tatneft's and Nizhnekamskneftekhim's shares (54,2% in total) of the Nizhnekamsk oil refinery and gained an absolute control over it.[15] Upon the purchase of Kazanorgsintez's and Nizhnekamskneftekhim's controlling stakes in 2006,[16] TAIF became the provider of 96% of services in chemical, petrochemical, oil, and gas processing industries in Tatarstan.[17] The same year, TAIF announced the launch of its first IPO at the Moscow Interbank Currency Exchange, selling bonds with 8,2% interest.[18] However, the IPO did not happen.[19]
By 2009, TAIF's investments in the modernization of its subsidiaries' production capacities resulted in an increase in revenue. It was reported, for instance, that Kazanorgsintez's revenue was doubled since its acquisition by TAIF in 2006.[7]
According to Forbes's rankings, in 2012, TAIF became one of the largest non-public companies in Russia.[20]
In 2015, the company continued its expansion into oil and gas industry through the acquisition of Tatnefteproduct's controlling interest.[21]
TAIF's CEO, Albert Shigabutdinov, announced another launch of TAIF's IPO in his interview to the Vedomosti newspaper and stated that by 2019, the company's EBITDA almost doubled (TAIF estimated it as 166 billion rubles)[22] as compared to the previous year.[17] He also argued that the production of various polymers was TAIF's main source of income[7] and that the holding increased the production of chemicals by almost 8 times from 1995 to 2019.[17] According to Shigabutdinov, in 2019, investments constituted up to 22% of the company's revenue, construction - about 0,5%, and the service sector (gas stations, entertainment centers, customs, and warehouses) – up to 4%.[7] However, despite these facts, some analytics linked the growth of TAIF's EBITDA to Shigabutdinov's announced resignation and regarded investments in TAIF as risky ones.[19]
Merge with Sibur
In 2018–2019, the TAIF holding was reorganised and split into TAIF Management Company and TAIF JSC. The former united the subsidiary companies active in telecommunications, construction industry, and the service sector; the latter controlled the oil, gas, and chemical companies, including Kazanorgsintez, Nizhnekamskneftekhim, and TGC-16.[23] In April 2021, TAIF Management Company signed an agreement to merge TAIF JSC with Sibur – one of the largest petrochemicals companies in Russia. As a part of the merger, Sibur would create a new company and give to the current shareholders of TAIF JSC 15% of Sibur's shares in exchange for a controlling interest in TAIF's petrochemical and energy enterprises.[24] At the same time, TAIF-NK refinery, TAIF's gas station network Karsar, and a number of other assets would remain the property of TAIF Management Company.[25] The deal was finalised in October 2021.[26][27] In April 2022, Sibur changed the name of TAIF JSC to «Sibur-RT JSC».[5]
As of 2022, TAIF Management Company controlled a number of subsidiaries, including the TAIF-NK oil refinement company.[28]
Owners
Before the 2010s, details about TAIF's shareholders were not publicly disclosed.[1] According to Albert Shigabutdinov, after the Russian financial crisis of 1998, the total amount of TAIF's debt exceeded 500 million dollars, so the company was privatised around the same period. Shigabutdinov also reported that in 2002, TAIF was controlled by the Shaimievs, Shigabutdinovs, and Sulteevs families.[7] In 2005, Mintimer Shaimiev, the first president of Tatarstan, admitted in an interview that his son Radik Shaimiev owned some shares of TAIF as one of the company's founders.[29]
The full list of TAIF's owners became known only in 2014, when it was published in the materials of the Moscow Arbitration Court. According to the materials, Radik Shaimiev owned 11,46% of the company's shares, Airat Shaimiev - the second son of Mintimer Shaimiev - 11,45%, Guzelia Safina - Deputy General Director of TAIF - 4.5%, Kamila Radikovna, Mintimer Shaimiev's granddaughter - 2%. Rustem Sulteev and his wife Lidia Sulteeva collectively held 19,9% of the stocks, and Albert Shigabutdinov and his son Timur owned the same interest. Among the shareholders, the documents also mentioned the National Settlement Depository (with Sergei Porotsky as the beneficiary of the package) - 4,84% of shares, and Avers Bank (whose beneficiaries were the Shigabutdinov, Safina, Vladimir Presnyakov, Radik Shaimiev, Rustem Sulteev, and Olga Ignatovskaya) - 2,42%. In addition, minor shares belonged to the Austrian companies Micopex Export-import (1,02%), Djikanovic-Koprivica Mirjana (0,99%), and Koprivica Nikola (0,99%).[30]
References
- ^ a b Анжела Сикамова (July 17, 2008). ""ТАИФ стоит не менее $14 млрд", - Альберт Шигабутдинов, генеральный директор ТАИФ" (in Russian). Vedomosti.ru. from the original on April 20, 2022. Retrieved April 27, 2022.
- ^ Salihovic 2015, p. 160-161.
- ^ Татьяна Ренкова (September 16, 2019). "Forbes включил "Татнефть" и ТАИФ в рейтинг крупнейших частных компаний РФ" (in Russian). RBC.ru. from the original on April 17, 2020. Retrieved April 27, 2022.
- ^ Ольга Мордюшенко (April 24, 2021). "Сибурапатриотизм: На российском нефтехимическом рынке готовится крупнейшее слияние" (in Russian). Kommersant.ru. from the original on April 26, 2022. Retrieved April 27, 2022.
- ^ a b Ольга Кудрина (April 19, 2022). "СИБУР переименовал ТАИФ в СИБУР-РТ" (in Russian). Kommersant.ru. from the original on April 25, 2022. Retrieved April 27, 2022.
- ^ Арсений Фавстрицкий (September 17, 2021). "История успеха: путь от коммерческой фирмы к созданию мощной промышленно-финансовой группы компаний" (in Russian). Realnoevremya.ru. from the original on September 30, 2021. Retrieved April 28, 2022.
- ^ a b c d e f Михаил Козырев (October 5, 2009). "ТАИФ: как устроен бизнес семьи Шаймиевых". Forbes.ru (in Russian). from the original on January 23, 2022. Retrieved April 28, 2022.
- ^ Bukharaev 2006, p. 97.
- ^ Ирина Коваленко (April 26, 2021). ""Подкрепление" Михельсона" (in Russian). The Moscow Post. from the original on April 27, 2022. Retrieved April 28, 2022.
- ^ Sharafutdinova 2010, p. 86.
- ^ "АО ТАИФ-НК" (in Russian). Realnoevremya.ru. October 26, 2020. from the original on December 22, 2021. Retrieved April 28, 2022.
- ^ The Politics of Sub-National Authoritarianism in Russia 2013, p. 200.
- ^ Sharafutdinova 2010, p. 85.
- ^ "Панорама компаний" (in Russian). Kommersant.ru. July 1, 2002. from the original on February 22, 2017. Retrieved April 27, 2022.
- ^ Татьяна Корнеева (November 24, 2005). "ТАИФ возглавила татарскую нефтехимию" (in Russian). Kommersant.ru. from the original on April 28, 2022. Retrieved April 27, 2022.
- ^ The Politics of Sub-National Authoritarianism in Russia 2013, p. 201.
- ^ a b c Ольга Проскурнина (January 25, 2010). "М. Шаймиев: "Хожу в мечеть так же часто, как и в церковь"" (in Russian). Vedomosti.ru. from the original on February 4, 2017. Retrieved April 28, 2022.
- ^ Полина Иванова (September 20, 2006). "Ведомости: Финансы" (in Russian). Kommersant.ru. from the original on April 28, 2022. Retrieved April 27, 2022.
- ^ a b Анна Хохлова (June 26, 2019). "В лидеры торгов вырвались акции компаний из Татарстана. В чем причина?" (in Russian). RBC.ru. from the original on February 5, 2022. Retrieved April 28, 2022.
- ^ "200 крупнейших непубличных компаний России — 2012". Forbes.ru (in Russian). 2012. from the original on November 15, 2021. Retrieved April 28, 2022.
- ^ Кирилл Антонов (September 10, 2015). "ТАИФ дозаправился" (in Russian). Kommersant.ru. from the original on November 11, 2015. Retrieved April 28, 2022.
- ^ Елена Иванова (April 26, 2021). "Who is СИБУР: что известно о компании, съевшей ТАИФ?" (in Russian). Business-gazeta.ru. from the original on January 23, 2022. Retrieved April 28, 2022.
- ^ Ольга Кудрина (September 25, 2021). "ТАИФ берут в рассрочку" (in Russian). Kommersant.ru. from the original on January 18, 2022. Retrieved April 27, 2022.
- ^ ""СИБУР" и "ТАИФ" объединяют нефтегазохимический бизнес. Обобщение" (in Russian). Interfax.ru. September 25, 2021. from the original on April 7, 2022. Retrieved April 28, 2022.
- ^ ""СИБУР" через несколько дней получит 100% "ТАИФа" за 15% акций и деньги" (in Russian). Interfax.ru. September 24, 2021. from the original on November 16, 2021. Retrieved April 28, 2022.
- ^ ""СИБУР" завершил покупку "ТАИФа" за акции и облигации" (in Russian). Interfax.ru. October 4, 2021. from the original on February 24, 2022. Retrieved April 28, 2022.
- ^ Ольга Кудрина (October 4, 2021). "СИБУР завершил приобретение ТАИФа" (in Russian). Kommersant.ru. from the original on January 19, 2022. Retrieved April 27, 2022.
- ^ Ольга Мордюшенко (April 26, 2022). "Нафтоящий праздник" (in Russian). Kommersant.ru. from the original on April 27, 2022. Retrieved April 28, 2022.
- ^ Bukharaev 2006, p. 96.
- ^ "ТАИФ обязали оплатить 40 млн рублей долга по налогам, возникшего из-за компенсаций акционерам падения рубля в 2014 году" (in Russian). Kommersant.ru. April 2, 2018. from the original on April 3, 2018. Retrieved April 28, 2022.
Literature
- Bukharaev, Rabil (2006). Tatarstan: A 'Can-Do' Culture: President Mintimer Shaimiev and the Power of Common Sense. Global Oriental. p. 236. ISBN 978-90-04-21355-5.
- Salihovic, Elnur (2015). Major Players in the Muslim Business World. Universal-Publishers. p. 400. ISBN 9781627340526.
- Sharafutdinova, Gulnaz (2010). Political Consequences of Crony Capitalism Inside Russia. Notre Dame, IN: University of Notre Dame. p. 279. ISBN 9780268041359.
- Ross, Cameron; Gel'man, Vladimir, eds. (2013). The Politics of Sub-National Authoritarianism in Russia. Ashgate Publishing. p. 400. ISBN 9781317019985.