Gazprom’s Asian charm offensive struggles to excite investors
As their board considers the possibility of a share placement on one of Asia’s major stock exchanges – most likely Hong Kong – executives from Russian energy giant Gazprom flew into Singapore and Hong Kong this week for the first time since 2015 in a bid to drum up interest; but even after last year’s commodities rally and a revival in Russian stocks, Asian money managers have yet to be persuaded that Gazprom is worth adding to their portfolio.
News that Gazprom was once again looking at Asian stock markets came from Deputy Chief Executive Officer Andrey Kruglov at a meeting with investors in Singapore yesterday, but so far the response has been lukewarm. “It’s still not our choice,” said Alex Wong, a fund manager at Ample Capital Ltd. in Hong Kong, told Bloomberg. “Investors actually don’t know much about Gazprom, or most of the Russian companies.”
Gazprom, which holds the holds the world’s largest natural gas reserves, joined the Singapore stock exchange in 2014 and since then has been also looking at listing in Hong Kong after relations with the EU and the US turned sour over the Ukraine conflict, a development which also coincided with the signing of a $400bn 30-year gas-supply deal with China.