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Rosneft May Top Gazprom as Kremlin's Crown Jewel of Energy

  • Oil producer's market value may exceed gas monopoly this year
  • Gazprom hurt by falling EU revenues, disputes with Ukraine
Headquarters of OAO Rosneft in Moscow, Russia.

Headquarters of OAO Rosneft in Moscow, Russia.

Photographer: Andrey Rudakov/Bloomberg
Updated on

The two energy companies at the heart of Russia’s economy are on the verge of a historic reversal that could subtly shift the balance of power in the corridors of the Kremlin.

Gazprom PJSC, the world’s largest natural gas producer, is worth just $2.6 billion more than Rosneft OJSC, Russia’s biggest oil company. That premium, down from more than $250 billion in 2008, may disappear altogether as the five-year slide in Gazprom’s market value continues, according to analysts from Otkritie Financial Corp., Aton LLC and Raiffeisen Bank AO.