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  Wednesday, October 23, 2019
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Gazprom Neft, the oil producing arm of Russian energy giant Gazprom,
Gazprom Neft, the oil producing arm of Russian energy giant Gazprom, said on Tuesday it expected to boost annual crude output to 90-100 million tons (660-730 million bbl) by 2020.

The figures have been approved by the company's management as part of a development strategy up to 2020.

The company said in a statement the projected figures include all Gazprom subsidiaries and new acquisitions abroad.

Gazprom Neft, known as Sibneft before it was taken over by Gazprom in September 2005, stabilized crude output at 32.7 million metric tons (240 million barrels) in 2007 - the same production level as in 2006.

Under the strategy, the company will refine 70-80 million tons a year and sell some 12 million tons of oil products through its own network of filling stations, which will expand by 2020 to 5,000-5,000.

Gazprom Neft has strategic interests in Europe, Pacific Rim countries, and the United States, and intends to expand in Siberia.

Gazprom owns a 75% stake in the company, another 20% belongs to a consortium of Italy's ENI and Enel.


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