Samruk-Kazyna unit to raise $80m in yuan bonds on AIX
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Butadien, a subsidiary of Samruk-Kazyna, plans to raise 543.5 million yuan ($80 million) through a one-year bond issuance on the Astana International Exchange (AIX) with a 4.5% coupon rate. The company is building a $1.1 billion butadiene plant in Atyrau region, now fully controlled by Samruk-Kazyna after Russian Tatneft exited the project in February 2026.
Bond Issuance Details
Butadien will issue one-year bonds denominated in yuan on AIX, with a coupon rate of 4.5%. The move was flagged by economist Arman Batayev, who runs the Finmentor.kz Telegram channel. The funds will support the company's butadiene plant project in the National Industrial Petrochemical Technopark SEZ in Atyrau region.
Project Ownership Shift
As of now, 99.999% of Butadien is owned by Samruk-Kazyna Ondeu, a subsidiary of the sovereign wealth fund, with the remaining 0.001% held by SSAP (Stepnogorsk Sulfuric Acid Plant), a joint venture between Samruk-Kazyna Ondeu and Kazatomprom. Until February 2026, Russian oil company Tatneft held a 75% stake but exited, leaving Samruk-Kazyna to continue the project alone.
Plant Capacity and Cost
The butadiene plant, with a total cost of $1.1 billion, is designed to produce up to 300,000 tonnes of product annually once operational. The project is located in the special economic zone in Atyrau region, a key area for Kazakhstan's petrochemical industry.
What's Next
The bond listing on AIX is expected to proceed in the coming weeks. It remains unclear whether the yuan-denominated issuance signals a broader shift away from dollar financing for Kazakh state-linked entities.
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Samruk-Kazyna unit to raise $80m in yuan bonds on AIX
