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Russia’s Lukoil expects access to Hong Kong listing in mid-2015

November 27, 2014, 18:26 UTC+3 LONDON
Lukoil held preparations for listing in Hong Kong in February because Russia had not ratified an International Organization of Securities Commissions (IOSCO) memorandum by then
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© EPA/MARCEL VAN HOORN

LONDON, November 27. /TASS/. Russian oil company Lukoil expects all the restrictions barring the company from listing in Hong Kong to be lifted by mid-2015, Vice President Leonid Fedun said Thursday in a conference call.

“We expect all the restrictions to be lifted by the middle of next year,” Fedun said. “We see certain difficulties in working with western capital markets. We have many projects with Chinese companies, so entering the Asian market, a listing on the Hong Kong Stock Exchange is the main way.”

Lukoil held preparations for listing in Hong Kong in February because Russia had not ratified an International Organization of Securities Commissions (IOSCO) memorandum by then.

Fedun also said the company signs ruble-denominated contracts with its contractors. “We sign ruble-denominated contracts with international contractors,” he said, adding that Lukoil is trying to aim at Russian contractors.

“We aim more and more at Russian contractors, who are not very sensible to the volatility of the ruble rate against the US dollar,” he added.

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