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Rosneft targets Iraq, squares up to Gazprom

Rosneft's Chief Executive Officer Igor Sechin reported that the company is considering teaming up with its long-standing partner, ExxonMobil, in tapping oil and gas in Iraq. It it may seek an alliance with ExxonMobil or other partners in Iraq and double its Russian gas market share by 2020, boosting its credentials as the world's largest listed crude producer.

In March 2013 Rosneft bought Anglo-Russian oil company TNK-BP from BP and the AAR consortium of Soviet-born tycoons for $55 billion, clinched deals with international majors to tap Russia's Arctic hydrocarbon reserves, and acquired domestic gas producer Itera.

Rosneft has also raised the stakes in a battle with rival Russian state-owned corporation Gazprom, aiming to more than double (from 9 percent to 19-22 percent) its share of the domestic gas market by 2020, Rosneft said in the presentation in London.

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