Gazprom becomes world's most profitable company
Headquarters of Russian gas giant Gazprom in Moscow. | EPA/SERGEI CHIRIKOV
Taking advantage of prices on world raw materials market, Russian gas monopoly Gazprom, which netted $44.46bn in profits last year, overtook US-based energy major ExxonMobil, which generated $41.6bn in 2011, to become the world's most profitable company, according to the latest edition of Forbes magazine. ExxonMobil was the world's most profitable company in 2010.
Gazprom Chief Executive Alexei Miller told the company's annual meeting of shareholders in June that his company was the world's leader in revenue for the second consecutive year and was second in output among all global oil and gas companies. Gazprom has a monopoly on the development and transportation of Russia’s large natural gas deposits. (KG)
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