SINGAPORE: Russian energy giant Gazprom is eyeing a secondary listing on the Singapore Exchange, a spokesman said yesterday, as the firm moves to play a more active role in Asia.
Analysts say 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.”
It comes a day after Russia and China announced a massive gas deal said to be worth $400bn, with Moscow-listed Gazprom set to supply the state-owned China National Petroleum Corp (CNPC).
The deal came as Russia increasingly turns to the East after coming under heavy criticism by Western powers for its takeover of Ukraine’s Crimea peninsula and allegations of fomenting separatist rebellions in the former Soviet state’s eastern regions.
Russia has been seeking more Asian markets, and its gas supplies to Europe via Ukraine are currently under threat because of unpaid bills by Kiev and the growing tensions there.
Gazprom “wants to be more active in the Asian market,” said Victor Shum, the Singapore-based vice president of consulting at IHS Energy. “It could also be part of this strategic shift towards Asia,” he said.
Gazprom American Depository Receipts are also listed on the London Stock Exchange, traded on the US over-the-counter stock market and on European stock exchanges, namely in Berlin and Frankfurt.AFP