Profits at Russia's Gazprom fell to $19.3 billion in 2007 after a decline in gas sales in Europe and an increase in energy costs in Central Asia. Yet, Gazprom remains the biggest energy company in the world with revenues of $98.6 billion in 2007.
The company benefited from the Kremlin's increasing grip over the Russian oil and gas industry, which helped drive a buyout of BP's Siberian gas field at knockdown prices. The tenth largest employer in the world has an obvious inside track to the vast Russian reserves.
NEXT: HSBC Holdings