Gazprom Neft (RTS: SIBN) has approved a development strategy to 2020 that calls for raising oil production to 90 million-100 million tonnes a year, the company said in a press release according to Interfax.
The target includes production at subsidiaries, from Gazprom (RTS: GAZP) fields that will be transferred to Gazprom Neft and from new acquisitions in Russia and abroad.
"Oil refining by 2020 will total 70 million-80 million tonnes, and the retail network will be expanded to 5,500 filling stations. Product sales through the company-owned network will total roughly 12 million tonnes a year by 2020," the press release says.