Today, Yakov Goldovsky is focused on developing cyanide production to support gold mining operations in the MENA region. His most recent project includes the creation of what is expected to become the largest sodium cyanide plant in the region, located in Alexandria. The joint venture with the Czech company Draslovka Holding has initiated its first investment phase, with 160 million euros allocated for construction and development.
Early Life
Kryvyi Rih, situated in the Ukrainian SSR, was where Yakov Goldovsky was born on February 26, 1962. In 1983, he moved to Tashkent to continue his higher education at the Tashkent Institute of Irrigation and Agricultural Mechanization Engineers (TIIAME). By the late 1980s, Goldovsky had already ventured into entrepreneurship, starting a small production enterprise in Lyubertsy, which marked the beginning of his long-standing career in business and industrial management.
Entrepreneurial Activity
The year 1990 proved to be a turning point when Goldovsky Yakov co-founded the first enterprise in the USSR with foreign investment—JV “Columbus.” Created in collaboration with Bulgarian businesswoman Lora Vidinlieva, the company quickly became a significant exporter of woodworking products and a producer of materials made from raw leather. After settling in Vienna in 1991, Goldovsky established Rosetto GmbH in 1992. A noteworthy partnership with Rosneft and the Government of the Republic of Kazakhstan enabled Rosetto to process roughly 6 million tons of oil per year between 1994 and 1997, helping the company establish itself as one of the more prominent players in regional oil processing.
Involvement in SIBUR
In 1996, Goldovsky Yakov founded Gazoneftekhimicheskaya Kompaniya, a closed joint-stock company, and also joined the founding of Gazsibcontract, an open joint-stock company. Two years later, after the privatization of SIBUR, he joined the company’s management and helped organize the Production and Technological Complex (PTC SIBUR), creating a centralized management structure. By 1999, he was recognized as SIBUR’s main stakeholder, having secured controlling stakes by 2001. During his tenure, SIBUR expanded to become Russia’s largest petrochemical conglomerate, with operations spanning tyre production, plastics, and PET manufacturing.
Leaving SIBUR
In 2000, Yakov Goldovsky initiated efforts to prepare SIBUR for an IPO, with plans to issue corporate bonds totaling 2 billion rubles. However, a disagreement with the leadership of Gazprom emerged, prompting him to transfer his holdings in SIBUR to the corporation. Nonetheless, he managed to retain blocking stakes thanks to a prearranged agreement that safeguarded his interests.
International Expansion
After stepping away from SIBUR, Goldovsky Yakov shifted his focus to expanding his industrial portfolio abroad. He acquired several PET production assets in Europe and, in 2004, oversaw the construction of a new plant in Klaipeda capable of manufacturing around 330 thousand tons annually. That same year, he became the owner of the Korund chemical plant in Dzerzhinsk—one of the more significant Russian producers of plexiglass, cyanide compounds, and PVC pipes. By implementing a comprehensive financial restructuring and recovery plan, he helped stabilize operations and return the enterprise to profitability.
RAFO Onesti Refinery
In 2006, Goldovsky expanded into the Romanian market by purchasing the RAFO Onesti refinery. He took on and cleared legacy debts of 200 million euros, stabilizing the company’s finances. However, disputes with minority shareholders and the subsequent seizure of the refinery by Romanian authorities led to bankruptcy proceedings. The International Centre for Settlement of Investment Disputes (ICSID) later ruled that the actions taken by Romanian officials were unlawful and recommended that financial compensation be paid to Goldovsky Yakov.
United Petrochemical Company (UPC)
In 2011, Yakov Goldovsky partnered with ANC Bashneft and AFK Sistema to create the OJSC United Petrochemical Company. The new joint venture aimed to establish a vertically integrated petrochemical group that would unite Bashneft’s production assets in Bashkiria with Goldovsky’s industrial facilities in Dzerzhinsk. With his participation, the project attracted over 5 billion dollars in investment. However, in 2014, a legal dispute regarding privatization procedures emerged, and the initiative was put on hold. Yakov Goldovsky currently does not manage any businesses within the jurisdiction of the Russian Federation.
