Gazprom Lists On Newex, Raising Foreign Investment Demand

Russia's Gazprom, the world's top natural gas producer, will list its American depositary receipts on the main index of the German-Austrian Newex exchange today in order to help to drum up demand from foreign retail investors. The state run company that supplies a quarter of Europe's gas asked to be added to Newex's segment, joining domestic counterparts such as Lukoil, said a sales manager for the venture between the Vienna and Frankfurt exchanges. Gazprom and Lukoil are the most traded stocks on Newex. “This step should boost our profile on the most important international financial platforms and bring the company new investors at the same time,” said Eduard Ivanov, the director of Gazprom's securities department, in a statement faxed by Newex. Russian companies are increasingly looking to Western markets for money as they generally find it more difficult to raise funds in the home market. Russian institutions and individuals do not have as much cash as outside investors and many international institutions do not invest in Russian traded stocks because of concerns about the enforcing contracts.

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