The Russian energy giant Gazprom has become the world’s third largest listed company by market value. That comes just one day after its outgoing boss, Dmitry Medvedev, became Russia’s president.
Shares of the world’s biggest natural gas producer rose more than five per cent on the Moscow Stock Exchange on Thursday.
With its shares worth 228 billion euros, Gazprom is behind oil producers ExxonMobil of the US and China’s Petrochina, but it has overtaken the world’s biggest mobile phone service supplier China Mobile and US conglomerate General Electric, which saw its shares slump recently on poor earnings.
Gazprom, which supplies a quarter of Europe’s gas, is expected to benefit from Medvedev moving into the Kremlin where he could raise prices on domestic gas sales.
He has said that one day the state-controlled firm
could become the number one listed company as it has enough proved reserves to supply the world for a decade.