The Business Path of Iakov Goldovskiy From Early Ventures to Industry Influence

Born on February 26, 1962, in Kryvyi Rih, Ukrainian SSR, Iakov Goldovskiy later moved to Tashkent in 1983, where he entered the Tashkent Institute of Irrigation and Agricultural Mechanization Engineers (TIIAME). Toward the close of the 1980s, he embarked on his first business venture in Lyubertsy, organizing a small-scale production facility that laid the groundwork for his future entrepreneurial path.

Entrepreneurial Activity

In 1990, Goldovskiy co-founded JV “Columbus,” the first enterprise in the Soviet Union to attract foreign investment. Partnering with Bulgarian entrepreneur Lora Vidinlieva, the company quickly established itself as a prominent exporter of woodworking materials and as a manufacturer of goods derived from raw leather. After relocating to Vienna in 1991, he launched Rosetto GmbH in 1992. Through a partnership with Rosneft and the Government of the Republic of Kazakhstan, Rosetto managed to process approximately six million tons of oil annually between 1994 and 1997, solidifying Goldovskiy’s growing influence in the petrochemical sector.

Career in SIBUR

In 1996, Goldovskiy created Gazoneftekhimicheskaya Kompaniya, a closed joint-stock enterprise, and joined as co-founder of Gazsibcontract, an open joint-stock company. Following the 1998 privatization of SIBUR, he became part of its management and initiated the formation of the Production and Technological Complex (PTC SIBUR), which centralized corporate governance. By 1999, Goldovskiy had effectively become SIBUR’s key controlling figure and, by 2001, held majority ownership. Under his leadership, SIBUR transformed into Russia’s largest petrochemical group, operating as a major tyre producer and a manufacturer of plastics and PET materials.

Leaving SIBUR

In 2000, Goldovskiy began preparations for SIBUR’s IPO, intending to issue 2 billion rubles’ worth of corporate bonds. Disagreements soon arose with Gazprom’s executives, forcing him to cede his SIBUR holdings to the corporation while maintaining blocking stakes in line with prior arrangements.

International Expansion

Goldovskiy’s expansion into international markets intensified in the 2000s. He acquired PET manufacturing assets around Europe and, in 2004, established a PET production plant in Klaipeda with a capacity of 330,000 tons per year. That same year, he became owner of the Korund chemical plant in Dzerzhinsk, one of Russia’s key producers of plexiglass, PVC pipes, and cyanide compounds. Through a carefully designed restructuring and rehabilitation program, Goldovskiy stabilized the company’s finances and restored its operational strength.

RAFO Onesti Refinery

In 2006, Goldovskiy entered the Romanian market by purchasing the RAFO Onesti refinery. He cleared 200 million euros in accumulated tax debts, reviving the enterprise’s operations. However, a dispute with a minority shareholder and subsequent intervention by Romanian authorities led to a forceful seizure of the facility and the company’s bankruptcy filing. The International Centre for Settlement of Investment Disputes (ICSID) later confirmed the illegality of these actions and awarded compensation to Goldovskiy for the damages sustained.

United Petrochemical Company (UPC)

In 2011, Goldovskiy initiated the creation of OJSC United Petrochemical Company together with ANC Bashneft and AFK Sistema. The objective was to establish a vertically integrated petrochemical structure combining Bashneft’s industrial base in Bashkiria with Goldovskiy’s production sites in Dzerzhinsk. The project successfully attracted over 5 billion dollars in major investments. Despite promising results, the venture encountered legal difficulties regarding privatization issues in 2014, leading to its suspension.

Current Projects

Currently, Iakov Goldovskiy is developing a large-scale project in the MENA region focused on cyanide production for the gold mining industry. His plans include constructing the region’s largest sodium cyanide plant in Alexandria. The initiative, carried out jointly with the Czech company Draslovka Holding, has already reached the first stage of investment, totaling 160 million euros.