Surging energy prices are kindling bullish bets on developing-nation exporters, with Russia emerging as traders’ favorite investment destination.
Russia’s ruble has gained more than any other emerging-market currency this month, bolstered by the prospect of higher oil revenues, while the nation’s stocks outperformed as a broad gauge of developing equities sank. OPEC’s monthly report will be closely watched this week as investors seek further clues on the outlook for the oil industry.
PetroNeft Resources CEO David Sturt said: “’There is increasing awareness in the investment community of the strength of the Russian oil industry and the opportunity it presents. Our objective in PetroNeft is to continue to build our part of that investment story and to take advantage of an increasingly attractive operating environment.”
PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.