Gazprom Looks to Singapore for Security
The Russian energy giant Gazprom is contemplating a secondary listing on the Singapore Exchange as the company moves towards greater activity in Asia.
Chanel NewsAsia says that analysts have indicated that listing in Singapore could be part of a strategic shift towards the region, as the Ukraine crisis threatens Russian energy exports to Europe and as Western sanctions bite.
"We want to have another platform on which our shares are traded," Gazprom spokesman Sergei Kupriyanov said. "We are now working on the question of obtaining a listing in Singapore."
The move comes shortly after Russia and China announced a massive gas deal worth $400 billion, with Moscow-listed Gazprom to supply the state-owned China National Petroleum Corporation.
Russia appears to be turning to the east after heavy criticism from the west regarding its takeover of Ukraine's Crimea peninsula. The country’s gas supplies to Europe via the Ukraine are currently under threat.
Gazprom American Depository Receipts are listed on the London Stock Exchange, traded on the US over-the-counter stock market and on European stock exchanges.