LUKoil Tops Forbes List of Biggest Russian Private Companies

MOSCOW, September 27 (RIA Novosti) – Oil giant LUKoil is Russia’s biggest private company by revenue, raking in 3.6 trillion rubles ($111 billion) last year, according to a new rating by Russian Forbes magazine published this week.

Russian oil and gas company Surgutneftegas was ranked second in the Forbes list of Russia’s 200 largest private companies, with an estimated turnover of 850 billion rubles ($26 billion). Telecom provider VimpelCom Ltd., which comprises one of Russia's top three mobile operators Beeline, came third in the list, with revenue of 717 billion rubles ($22 billion).

In last year’s Forbes rating, which also included state corporations, Russian energy giant Gazprom was named Russia’s largest company, while LUKoil came second, followed by Russian state oil giant Rosneft.

Forbes magazine’s 2013 list is limited to companies where the state and foreign capital does not exceed 50 percent, meaning Gazprom and Rosneft were not included on the latest list. The companies’ revenues were calculated using International Financial Reporting Standards (IFRS).

Among the ten largest Russian private companies were another two energy producers – Tatneft (seventh place) and Bashneft (ninth) oil companies. Russia's two biggest steel producers, Evraz and Severstal, were listed fifth and eighth, respectively.

The list also includes Russia's largest grocery retailers, X5 Retail Group (fourth) and Magnit (sixth). Russia’s largest construction holding, Stroygazconsulting, is tenth in the rating with revenues of 387.9 billion rubles ($12 billion).

The total revenues of Russia’s top 200 largest private companies last year were estimated at 22.9 trillion rubles ($708 billion). The rating includes 56 publicly held companies and 144 privately held companies.