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Transneft this week announced that it plans to place level I American Depositary Receipts (ADRs), based on its preferred shares, possibly before the end of the year or early next year. The move would allow Transneft shares to be traded in the US and possibly pave the way for a eurobond issue in 2003.
"ADRs are an opportunity to raise the company's profile," says Transneft's head of corporate finance, Richard Straughan. As recently as last week. sources at the company had denied any plans to place ADRs, although they acknowledged that it was interested in a eurobond issue to finance major pipeline projects (FSUE, 19 July, p11).
Transneft officials declined to …