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12 May, 2008 04:15

Gazprom roars into world’s top three

Russian gas giant Gazprom has become the world's third most valuable company after its former chairman, Dmitry Medvedev, was inaugurated as president last week.

The company has overtaken General Electric and China Mobile, rising 3.4% in London on Friday.  Its market capitalisation neared $US 360 billion.

Gazprom had first hit the top-three list in 2006, but fell out, and a month ago was ranked number 7 with a value of $US 302 billion.

However, the company is still undervalued according to analysts. As world gas supply costs are reviewed and revised, it could reach an even higher global ranking.

At the annual shareholder’s meeting, Gazprom’s chairman Dmitry Medvedev and Deputy chairman Alexey Miller said the company has the potential to reach a value of $US1 trillion.

The company’s share price is currently worth $US 15.