MOSCOW, MARCH 22. (RIA NOVOSTI). Rumours of the Gasprom mammoth liberalising its stock market are correct. The Cabinet has scheduled consideration of a blueprinted corporate reform for next June, German Gref, federal Minister of Economic Development and Trade, said to a Novosti news conference this afternoon.
Even now, the Gasprom Board and Directors' Board have made strides to enhance company transparency. They determined, in particular, to shift all purchases to a competitive arrangement. The company has affirmed basic principles for strategic borrowings, and made a decision to share out expenditures.
The liberalisation effort means to pool in the Gasprom foreign and domestic stock markets. As things are now, company shares cost much less in Russia than abroad. Overseas bidders can acquire Russian gas monopoly stock only with US depository receipts instead of direct purchases in the Russian market. The price scissors bring Gasprom capitalisation down, explained Mr. Gref.
