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Gazprom Has Third Largest Capitalization
OAO Gazprom has become the third largest company in the world by market capitalization. Gazprom stock gained 5.34 percent on the MICEX on May 8, raising the monopoly’s market value to $348 billion and knocking the Chinese cellular communications operator China Mobile, worth $341 billion, out of third place in the world ranking. According to Reuters, the American company ExxonMobil occupies first place on that list at $476 billion, and Petrochina is in second place with $447 billion.
Analysts link the jump in Gazprom’s value with the assumption of the Russian presidency by its chairman of the board. Medvedev will leave the post of Gazprom chairman next month, after a new board of directors is approved. Besides that, growth in the price of oil and gas companies is the result of Vladimir Putin’s speech at the time of the consideration of his candidacy as prime minister. He said at that time that the taxes paid by companies in that sector had to be reduced in order to stimulate production and processing growth.
Putin emphasized that strategy and tactics for “when and how much taxes should be reduced to create an additional stimulus for economic development” should be formulated no later than August of this year.
www.kommersant.com
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