OAO Gazprom

Although Gazprom 2nd qtr net profit more than tripled due to the higher natural gas prices, the stock has not seen the action one would expect. Gazprom exports gas to Europe and is responsible for about 23% of the global output. Maybe when the impact of Russian government's freezing Yukos shares dissipates, Gazprom stock can start its ascent. Gazprom already belongs 51% to the government so it would not make much sense for them to freeze Gazprom's shares, but this is a debt-riddled company that has been reported with inumerous accounting irregularities.

OGZPF.PK $23.75 on 11/29/2003