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Russia's Gas Giant to Quadruple its Market Value

Russia's gas export monopoly Gazprom aims to quadruple its market value to $1 trillion within

Russia's natural gas export monopoly Gazprom aims to quadruple its market value to $1 trillion within a decade and become the world's biggest company, Bllomberg reported.

"We will reach a $1 trillion market capitalization in a period of seven to 10 years,'' Deputy Chief Executive Officer Alexander Medvedev, 51, said in a Moscow interview on April 6. "We'd like to be the most valued and most capitalized company in the world.''

The goal would be more than twice today's $439.6 billion market value of Exxon Mobil Corp., the world's largest publicly traded company, and would exceed Russia's 2006 economic output of $975 billion. It would also surpass the gross domestic product of countries including the Netherlands, Australia and South Korea.

Gazprom, the world's biggest gas producer, has more than eight times Exxon Mobil's total reserves and is seeking more. The state-run company took control last year of Royal Dutch Shell Plc's Sakhalin-2 venture, which plans to start shipping liquefied natural gas in 2008. It's also developing the Shtokman project in the Arctic, Russia's largest untapped deposit of the fuel.