Alexander Medvedev did not give a timetable for achieving the goal but the paper reported that executives at the firm, which is nearly half-owned by the state, believe it can be achieved within five to seven years.

Gazprom would have to quadruple its current US$251 billion market value to achieve the objective.

The firm is currently the eighth-most valuable in the world, with US oil and gas company Exxon Mobil, valued at US$479 billion, topping the list, the Sunday Times said. But Medvedev told the paper: "It's not just a nice figure."

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He said that the removal of gas price controls in Russia, a revaluing of its reserves by the Western market, the introduction of cost controls plus diversification and acquisitions could push Gazprom towards its goal.

Such ambitions risk fueling fears among some Western politicians over the growing power of the group. Gazprom controls around a quarter of the world's gas reserves and has a monopoly on gas exports from Russia. The company is also expanding into energy retail operations in Europe.

Saudi Aramco and US firm Dow Chemicals, meanwhile, are expected to award the engineering, design and project management contracts for the giant Ras Tanura petrochemical plant by the end of July, industry sources said.

Dow's investment in the plastics and chemicals plant would be the largest foreign investment to date in the Saudi energy sector.

Ras Tanura, a joint venture with state-owned Aramco, would be one of the biggest plants of its kind worldwide to be built from scratch and has an estimated cost of more than US$20 billion.

Dow and Aramco plan to float a 30 percent stake in Ras Tanura.

AGENCE FRANCE-PRESSE, REUTERS