The Chief Executive of Gazprom says the state-run energy giant will become the world’s largest company. Speaking at a European Business Congress in France, Aleksey Miller said Gazprom will be worth a massive $US 1 trillion in seven to eight years.

According to the company’s financial report for first quarter 2008, its current market capitalisation stands at $US 298 billion.

Miller predicted that oil prices will keep climbing to reach $US 250 per barrel in the near future.

He has also said that Gazprom’s average gas delivery price for Europe has soared up to $US 410 per 1,000 cubic meters.

Earlier, Aleksey Miller told Le Figaro newspaper that Gazprom plans to increase its presence in France and deliver more gas to the country. He said Gazprom is orientated mostly towards small enterprises.

Gazprom now controls 1% of the French gas market, according to Miller.

“Gazprom intends to consolidate its positions in the sphere of the sale of gas, electricity and hydrocarbons,” Miller added.

Another company representative has revealed Gazprom's plans to step into the U.S. energy market.

Chief executive of Gazprom Marketing and Trading, Vitaly Vasiliev, told the Financial Times that a takeover is one of the ways to gain entry to the American market.