TOMSK, April 27 (RIA Novosti) - Gazprom [RTS: GAZP] is now the world's second-biggest company in the energy sector after U.S.-based Exxon Mobil and ranks fourth overall by capitalization, President Vladimir Putin said Thursday.
"Gazprom was yesterday ranked the world's second largest company in its sector after Exxon Mobil and fourth [overall] in terms of capitalization, which reached almost $260 billion," Putin told a Russian-German economic forum in the West Siberian oil city of Tomsk.
Gazprom Deputy Chairman Alexander Medvedev said earlier that the giant's capitalization would reach $1 trillion in 10-15 years. He said future growth in capitalization would be due to increasing operative efficiency, improvements in labor productivity, and consolidation of the company's oil and energy business.
Gazprom's capitalization has been steadily rising since the government removed the "ring fence" from around the company that had prevented foreigners from owning common stock in the company.
The economic forum is taking place on the sidelines of talks in Tomsk between Putin and German Chancellor Angela Merkel that will likely focus on bilateral economic cooperation, particularly on energy security, and the Iranian nuclear crisis. The forum is expected to see a number of large-scale bilateral deals signed between businessmen from the two countries.
