Gazprom aims to be a US $ One TRILLION firm

LONDON, 9 July 2007 --- Giant Russian energy firm Gazprom wants to be the world's first firm with a stock market value of $1 trillion, its deputy chief executive revealed yesterday.

Alexander Medvedev did not give a timetable for achieving the goal but the paper reported that executives at the firm, which is nearly half-owned by the state, believe it can be achieved within five to seven years. Gazprom would have to quadruple its current $251 billion market value to achieve the objective.

The firm is currently the eighth-most valuable in the world, with US oil and gas company Exxon Mobil, valued at $479bn, topping the list, the Sunday Times said.

But Medvedev told the paper: "It's not just a nice figure."

He said that the removal of gas price controls in Russia, a revaluing of its reserves by western market, the introduction of cost controls plus diversification and acquisitions could push Gazprom towards its goal.

Such ambitions risk fuelling fears among some Western politicians over the growing power of the group.

Gazprom controls around a quarter of the world's gas reserves and has a monopoly on gas exports from Russia. The company is also expanding into energy retail operations in Europe.

Source: Gulf Daily News, Bahrain, (http://www.gulf-daily-news.com/Story.asp?Article=187313&Sn=BUSI&IssueID=30111)