Russian LNG exporter Novatek said on Tuesday it had requested to cancel the listing of its depositary receipts from the London Stock Exchange.
The company’s securities have been suspended from trading from March 3, 2022.
Novatek said in a statement that the firm “in connection with the actual suspension of trading of the company’s depositary receipts from March 3, 2022, hereby notifies of its request to the UK Financial Conduct Authority (FCA) to cancel the listing of the company’s global depositary receipts.”
Aslo, Novatek said that March 7, 2023 would be the last day of listing for the GDRs on the London Stock Exchange.
Therefore, the LSE listing cancellation becomes effective on March 8.
Following the cancellation, the company said it will continue listing its shares on the regulated market of the Moscow Exchange while the GDR program remains in force.
Novatek signed this week a non-binding memorandum of understanding with India’s Deepak Fertilisers and Petrochemicals Corporation to supply the latter with LNG.
The firm currently exports LNG via its Yamal LNG plant and the mid-scale facility in Vysotsk but it is also building the Arctic LNG 2 plant.
This 19.8 mtpa project has faced many difficulties due to the introduction of sanctions by the US and the European Union on Russia and Russian firms.
However, Novatek still plans to launch the first Arctic LNG 2 GBS in late 2023.