OREANDA-NEWS. September 24, 2009.  Itera-Vostok, a member of the Itera International Group of Companies, has acquired 100% of shares of Firma Proekt, which holds a 21% stake in Sibneftegaz, from Acron.

Chairman of Acron’s Board of Directors Alexander Popov said: “The sale was the result of longstanding negotiations between Acron and Itera International Group. Currently Acron has no strategic use for the stake in Sibneftegaz, so we decided to withdraw and focus on our core business. The freed-up capital will be directed to investment projects and servicing Acron’s debt.”

Chairman of the Itera Oil and Gas Company Management Board Vladimir Mаkeev noted that Sibneftegaz is one of Itera’s key strategic assets. Acquisition of Acron’s stake fits with Itera’s plans to increase its raw material base. Consolidation of a stake of up to 49% will help the company, together with its partner Gazprombank, holder of 51% interest, ensure the company’s efficient growth and proceed with hydrocarbon reserves development.