Rosneft on Monday for the first time surpassed Gazprom’s market capitalization, according to data of the Moscow exchange. Capitalisation “Rosneft” by 13.40 Moscow time amounted to 3,468 trillion rubles, “Gazprom” — 3,450 trillion rubles ($52 billion versus $51.7 billion).
The ruble price of Rosneft shares on Monday hit a new historical high (the previous one was recorded on March 22). 13:42 Moscow time the shares of Russia’s largest oil company soared compared to opening by 3.3% to 327,05 rubles apiece, “Gazprom” — on 0,1%, to RUR 145.8 RUB the Growth of the MICEX index at the time was about 1%.
New records of “Rosneft” explained by growth of oil prices to the December values, a barrel of Brent now costs about $42. Compared with “Gazprom” “Rosneft” looks more flexible, stable and promising company, even with the large debt that the company gradually reduces, analyst Sberbank CIB Valery Nesterov. Gazprom was once the fourth company in the world by market capitalization. Now the value of the company fell by almost an order of magnitude,” says the expert.
Besides the rise in oil prices, market confidence to “Rosneft” has caused strong financial reporting of the state company for the fourth quarter of 2015, said a senior analyst of “Aton” Alexander Kornilov. According to the expert, the results of “Gazprom” taking into account the state of the gas market is less reassuring. The drop in European gas prices to $130 per 1,000 cubic meters contributes to the worsening of financial results of monopoly.
Previously the Agency Bloomberg with reference to the interviewed experts admitted that “Rosneft” in 2016 can catch up Gazprom’s capitalization. As noted analyst at Raiffeisenbank in Moscow, Andrey Polishchuk, Gazprom faces growing competition and falling prices to lows not seen in over 10 years in the European market, but also have to spend billions of dollars on new pipelines. Bloomberg then suggested that historical for Rosneft point can affect the balance of power in the government, indicating that state-owned companies was “on the verge of a historic castle, which can subtly change the balance of power in the corridors of the Kremlin.” According to analyst FK “Opening” Artyom Konchin, leadership in terms of market capitalization is an important factor for Gazprom, Rosneft, and their executives, “given the history of relations between them.”