Russian oil major Gazprom Neft aims to increase its market capitalization to U.S. $100 billion by 2020, Gazprom Neft CEO Alexander Dyukov said on March 15, ITAR-TASS reported.
"We aim to reach a $100 billion capitalization by 2020," he said.
As of March 14, the capitalization of Gazprom Neft, a subsidiary of natural gas giant Gazprom, totaled $28 billion.
The target is more than double the forecast made by Gazprom Neft in 2006. The company said then it projected its market capitalization to amount to $40 billion by 2020.
Dyukov said he believed Gazprom's oil division should be as big as the gas giant's gas business.
Dyukov also said that Gazprom Neft projected its proven oil reserves to rise to 2.2 billion tonnes by 2020 from the current 950 million tonnes.
Gazprom Neft expects its annual hydrocarbon output to increase to 90 million to 100 million tonnes of oil equivalent by 2020, Dyukov said. He added the company sought to expand to foreign markets and produce about 70 million tonnes per year abroad by that time.
In 2007, Gazprom Neft’s oil output was at 32.7 million tonnes, flat on the year.
Gazprom Neft's oil refining is projected to rise to 70 million to 80 million tonnes by 2020, while its oil product retail network is expected to increase to 5,500 gas filling stations, Dyukov said.