Report: Gazprom top company in Russia

MOSCOW, Oct. 6 (UPI) -- Russian energy giant Gazprom and oil producer LUKoil were ranked as the top two companies in Russia based on total revenue, a report said Monday.

The Russian rating Expert 400 put Gazprom at the top of the list with a total 2007 sales revenue of about $9.1 billion and LUKoil second with $6.5 billion, the Russian daily Kommersant said.

The British merger TNK-BP and Surgutneftegaz, a Russian oil and gas firm, were among other majors that made the top 10 Russian firms.

Gazprom topped the list for market capitalization with a value of about $20 billion, while the integrated oil firm Rosneft came in second with $8.6 billion in market value and LUKoil third with $6 billion.

Analysts said the growth rate among the top performers declined steadily in 2008 because of the looming financial crisis, however.

Trade was suspended Monday on the main leading stock exchange in Russia, MICEX, following a 15 percent decline in shares amid a bearish oil market and world financial instability.