Gazprom Seeks HK Listing, May Use Yuan in China Gas Deal
MOSCOW, June 26 (Reuters) – Russia's Gazprom has held talks about a Hong Kong listing and may use the yuan currency in a recently agreed gas deal with China as it looks to strengthen its foothold in energy-hungry Asia.
Moscow has looked east for new business and energy deals as relations with the West deteriorate. China and Russia signed a $400 billion gas supply deal in May, linking Russia's huge gas fields to Asia's booming market for the first time.
Gazprom listed its American Depositary Receipts (ADRs) on the Singapore stock exchange last week, giving it greater access to Asian investors. Its American Depositary Receipts (ADRs) are already listed in London.
"We are in talks to add a listing on the Hong Kong stock exchange. The next step is upgrading the level of our listing in Singapore," Gazprom Chief Financial Officer Andrei Kruglov said at a briefing for reporters on Thursday.
He said Gazprom was preparing to receive payments in Chinese yuan for supplying gas to China. The Kremlin-controlled company plans to sell 38 billion cubic metres of gas a year to the world's most populous country from 2018.
Gazprom would be the third Russian company to list in Hong Kong, joining aluminium producer United Company Rusal Plc and mining company IRC.
Rusal raised $2.2 billion when it floated 11 percent of its shares in Hong Kong in January 2010 at HK$10.80 each. The IPO received heavy scrutiny from Hong Kong's financial regulators partly due to the company's debt load and retail investors were eventually barred from taking part in the IPO.
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