Ishimbay (ēshēmbĪˈ) [key], city (1989 pop. 70,000), Bashkortostan, E European Russia, on the Belaya River. Founded in 1932, Ishimbay developed around the first major oil field of the Volga-Ural region, formerly the leading Soviet oil area. Ishimbay's chief industries are oil refining and petrochemical production. The city is linked by natural gas pipeline with Shkapovo and Magnitogorsk.