MOSCOW, June 17 (RIA Novosti) — Russia's top gas producer Gazprom listed shares in Singapore stock exchange, adding the eastern platform to several other global stock exchanges to its portfolio, Vedomosti news daily wrote Tuesday.
"Our task is to become more understandable and familiar to Chinese investors, which became especially important after the signing of the contract on gas supplies with CNPC," the paper cited a source close to the Russian gas holding.
In secondary stock market listing mulled for the past two months, the company places its global depositary receipts (GDRs) on the Singapore Exchange Securities Trading (SGX-ST), where they have been trading since 3:00 a.m. Moscow time on Tuesday (23:00 GMT on Monday).
Gazprom and CNPC signed a 30-year contract in late May for the sale of Russian gas to China at a volume of 38 billion cubic meters per year with delivery along the eastern route. The deal is estimated to be worth $400 billion. Russia is planning to invest $55 billion and China around $22 billion in the gas deal.
Recognition in the East may help the Russian company raise funds for the construction of Sila Sibiri (Siberian Force) gas pipeline, which will supply the promised gas to China, the source said.
A representative of Gazprombank said the volume of trade on the Singapore exchange will depend on the market environment.
Gazprom's shares already trade in Moscow and its deposit receipts (ADRs) trade in London and Berlin.