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. Last Updated: 07/27/2016

ADR Ratios Differ

MOSCOW -- American Depositary Receipts launched recently by Russian oil producer Surgutneftegaz cover 50 local preference shares per ADR, the program's depository the Bank of New York said Wednesday.

"According to my records it is 1 to 50," Christopher Kearns, vice president at the bank's London office, said.

Surgutneftegaz's parent company, Surgut Holding, said in a statement Monday that one ADR covered 100 local Surgutneftegaz preference shares.

There was no immediate explanation for the different ratios of ADRs to local shares.