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Image courtesy of Rosneft.

Oil giant Rosneft has pushed past Gazprom to become the largest company in Russia.

According to RT, Rosneft is now the largest company in Russia as measured by market capitalization after its stock rose to 320 rubles per share on Tuesday, the company’s highest share price since 2006.

Rosneft now has a market capitalization of about $51.7 billion, just slightly edging ahead of Gazprom’s $51 billion market capitalization, RT said.

State-owned Rosneft saw revenues fall 6.4 percent year-over-year to $78.49 billion in 2015 while free cash flow climb to about $9.9 billion last year, up from $9.08 billion in 2014.

Rosneft’s hydrocarbon production reached 254.2 million tonnes of oil equivalent in 2015, up 1 percent from the previous year.

Rosneft’s gas production climbed 12 percent year-over-year to 62.54 billion cubic meters in 2015 while Gazprom produced 443.9 billion cubic meters of gas last year.

During a speech at the opening of FT Commodities Global Summit Rosneft chairman Igor Sechin said that he expects the current global supply glut to be alleviated within two years.

The glut “will be eliminated during this period due to the growth of the global economy and consumption, depletion of the producing fields and temporary shutdown of complex and insufficiently effective projects. Low prices phase cannot last long, at least by the major reason – current prices do not secure the complete cost cycle, i.e. they generate losses for the companies, that work at complex fields,” Sechin said.