OAO Gazprom Neft (SIBN.RS), Russia's fifth largest oil producer by volume, has approved a strategy plan to 2020, in which it expects to boost crude production to 100 million metric tons a year, the company said Tuesday.
Refining volumes will rise to 70 million-80 million tons a year by 2020, while the number of retail outlet points should reach between 5,000 and 5,500.
Gazprom Neft - 80% owned by Russian gas monopoly OAO Gazprom (GAZP.RS) - also said it would develop its overseas activities, particularly in Europe, the Asian-Pacific region and in the U.S.
Last month Chief Executive Alexander Dyukov said his company is aiming to raise its market capitalization to $100 billion from current $29.1 billion by 2020. By that time, Gazprom Neft also plans to raise its oil reserves to 2.2 billion tons, Dyukov said.
This year Gazprom Neft expects to raise capital expenditure by 36% to 89 billion rubles ($3.8 billion) to increase stagnating production.