MOSCOW--(Marketwired - Apr 3, 2013) - The Board of Directors' meeting of ITERA Oil and Gas Company, LLC, a joint venture established in the summer of 2012 by Rosneft and ITERA International Group of Companies (ITERA IGC), was recently held. Issues related to the election of Chairman and Deputy Chairman of the Board of Directors of the joint venture, the termination of powers of the General Director and members of the Management Board, and the election of a new General Director and members of the Management Board were considered. Igor Makarov, President of ITERA Group, LLC, was elected Chairman of ITERA Oil and Gas Company; Edward Khudaynatov, First Vice President of Oil Company Rosneft, was elected Deputy Chairman of the Company's Board of Directors.
The Board of Directors also decided to appoint Edward Khudaynatov as the new General Director and as the Chairman of the Management Board of the new joint venture. Vladimir Makeyev retained the office of a member of the Board of Directors of ITERA Oil and Gas Company and the First Vice President of ITERA Group, LLC, but was relieved of the duty of the General Director of ITERA Oil and Gas Company. The Board of Directors of ITERA Oil and Gas Company approved the new Management Board of the Company. It includes Sergey Vorobyev, who was appointed the First Deputy General Director; Boris Urasinov, who was appointed the Chief Engineer; and Gennady Skidanov, who retained the office of the Commercial Director. Mrs. Valeria Bredikhina was appointed the Chief Accountant, and Sergey Lobachov was appointed the Financial Director. Vladislav Ilchuk, who was the Chief of the Legal Department of ITERA Oil and Gas Company, and Tatyana Korotkova who was the Chief Accountant of ITERA Oil and Gas Company, retained similar offices with ITERA Group, LLC.
Igor Makarov, Chairman of the Board of Directors of ITERA Oil and Gas Company, stated: "The main objective of Rosneft and ITERA, partners in the Joint Venture, is to create a flagship for the Russian natural gas market. Today, thanks to the scale of the business of Rosneft and the knowledge of the gas market possessed by the team of ITERA Oil and Gas Company, we have many resources to achieve our objectives. I am glad we are beginning to achieve efficient results as we move forward."
Rosneft is the leader of the Russian oil industry, and the world's largest public oil and gas company. The principal activities of Rosneft include exploration and production of oil and gas, as well as production and marketing of oil products and petrochemicals. The Company is aggressively implementing large-scale investment projects, developing new markets, and creating global energy-related partnerships.
ITERA International Group of Companies (ITERA IGC) is a vertically integrated holding company owned by Igor Makarov, a Russian businessman. The Group unites dozens of enterprises and companies in the CIS and Baltic countries, Western Europe, Asia, and the USA. Natural gas production and distribution has been a core business of ITERA since its inception in 1992.
ITERA Oil and Gas Company, LLC, is a joint venture of Rosneft, with a 51% stake, and ITERA International Group of Companies, with a 49% stake; it is one of the largest independent producers and sellers of natural gas in Russia. The Company has been developing its own production of gas in the Yamalo-Nenets Autonomous District since 1998. The Company has invested over US $2 billion in development of the gas industry. Overall, over 265 billion cubic meters of gas has been produced in gas fields developed by Itera. The total volume of gas sold is about 600 billion cubic meters. Itera's strategic businesses are also reaching into development, biochemical and power generating segments.