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Gazprom prepares infrastructure for its stock trade

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MOSCOW, December 30 (RIA Novosti) - The preparation of infrastructure to make a uniform procedure for the circulation of Gazprom's shares on both domestic and foreign markets has been completed, Gazprombank, a subsidiary of the Russian natural gas monopoly, said Friday.

The preparations were completed after Gazprom appointed Gazprombank as its custodian under an American Depositary Receipt program and Gazprombank signed an agreement with the Bank of New York, the company said in a statement.

The Bank of New York, acting as the global custodian for Gazprom's ADR program, confirmed for the first time the status of the Russian depositary as an equal partner for operation on international securities markets.

Under the ADR program, Gazprom shares will be deposited with the Gazprombank depositary to ensure their circulation on the Russian stock markets and their conversion into American Depositary shares with equal access for all professional market participants, Russian and foreign.

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