MOSCOW (Dow Jones)--Alexei Miller, the chief executive of Russia's state gas firm OAO Gazprom (GAZP.RS), Wednesday pledged to turn the company's oil subsidiary OAO Gazprom Neft (SIBN.RS) into the country's leading oil company and a large international player. Miller was Wednesday reelected chairman of Gazprom Neft, Russia's fifth largest oil company producing around 650,000 barrels a day.

MOSCOW (Dow Jones)--Alexei Miller, the chief executive of Russia's state gas firm OAO Gazprom (GAZP.RS), Wednesday pledged to turn the company's oil subsidiary OAO Gazprom Neft (SIBN.RS) into the country's leading oil company and a large international player. Miller was Wednesday reelected chairman of Gazprom Neft, Russia's fifth largest oil company producing around 650,000 barrels a day.

In April, Gazprom Neft, formerly Sibneft, outlined an ambitious plan to increase annual crude output to between 90 million and 100 million tons, or 2 million barrels a day, by 2020.

Gazprom Neft also said that by the same year its aims to raise its capitalization to $100 billion.

Miller said earlier this month that all Gazprom's oil assets should be handed over to Gazprom Neft.

A government plan to merge Gazprom Neft and the country's largest oil producer, state-controlled OAO Rosneft (ROSN.RS), was scrapped in 2005.

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