MOSCOW, December 19 (RIA Novosti) - Russia's state-run oil company Rosneft [RTS: ROSN] will produce 8% more oil by the end of the year than in 2005, the company president said Tuesday.

"By the year's end, production increase will amount to 8%, compared to Russia's average production increase of 2.5%," Sergei Bogdanchikov said, adding that the company had fulfilled all commitments to its investors.

He said Rosneft plans to increase oil production by 9% in 2007 and natural gas production by 11%.

With these rates, the company will be able to reach an annual oil production level of 130 million tones (972.4 million bbl) by 2010-2011, Bogdanchikov said.

He also outlined Rosneft's plans to complete the development of a program on entry to the Asian energy market by September 2007, adding that the company will coordinate efforts with Russia's largest oil producer LUKoil [RTS: LKOH].

Bogdanchikov said that the leading oil producing Asian countries - China, Vietnam, Indonesia, Malaysia and Brunei - have recently showed a decline in oil production, and Rosneft is considering supplies of both crude oil and petroleum products to the Asian market to satisfy growing hydrocarbon demand.

Rosneft's authorized capital following consolidation of its 12 subsidiaries is nearly 106 million rubles ($4 million), of which the state owns 75.16%.