Tatneft plans de-list from New York Stock Exchange

Russia's sixth-largest oil company rated by production volume says it plans a voluntary de-list from the New York Stock Exchange. Tatneft will also end registration of its shares with the U.S. Securities and Exchange Commission.

Tatneft is the only major Russian company trading shares both in New York and on the London Stock Exchange. This will be the first time a Russian company leaves the world's most prestigious trading floor. Tatneft attributes withdrawal to higher registration costs in the U.S. and says it wants to focus on London.

Analysts say the real reason is Tatneft's reluctance to disclose information in accordance with strict U.S. regulations.