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Friday, May 12, 2006

Gazprom Capitalization Exceeds $300Bln

10.05.2006 MosNews - As MosNews reported last week, Morgan Stanley investment bank forecasted that capitalization of Russia's natural gas monopoly Gazprom will reach $330 billion. Shortly after the forecast, Gazprom's capitalization exceeded $300 billion, making it the world's third largest company in terms of market value. With its new capitalization of $300.65 billion (as of Saturday, May 6) Gazprom follows U.S. energy giant ExxonMobil ($381 billion) and consumer electronics powerhouse General Electric ($358 billion) in the global market table of ranks. Its market value has already exceeded that of Microsoft ($246 billion). The Russian company has every reason to be optimistic about its future prospects. The price of gas keeps growing along with the price of oil and its North European Gas Pipeline project has gathered support in Germany. Moreover, as MosNews reported, the European Union's energy commissioner promised that there would be no "discrimination" against Gazprom's wishes to enter the European gas retail market, although he did say that the Russian giant would be subject to intense scrutiny due to its monopoly position. About three weeks ago, on April 25, deputy chairman of Gazprom Alexander Medvedev said: "After we enter the club of companies with $300 billion capitalization, increase the effectiveness of our work and consolidate our oil and electricity businesses, capitalization of $1 trillion will not be something impossible."

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