OREANDA-NEWS. August 20, 2012. An extraordinary general meeting of participants of ITERA Oil and Gas Company, LLC, was held in line with implementation of the Strategic Cooperation Agreement and the establishment of a Natural Gas Production and Sales Joint Venture of ITERA and OJSC NK Rosneft.  Certain decisions were passes at the meeting, reported the press-centre of ITERA. 

They included a decision to increase the Company’s authorized capital, as well as a decision to raise the shareholding of NK Rosneft from 6% to 51% by way of contributing a 100% shareholding with Kynsko-Chaselsk Neftegaz, LLC (Kynsko-Chaselsk Oil and Gas, LLC) in the authorized capital of the Company. Appropriate amendments in constituent and other documents were registered with a #46 Interdistrict Inspectorate of the Federal Tax Service of Russia for Moscow.

The new Board of Directors was also elected at the meeting of ITERA Oil and Gas Company, LLC, participants. Three representatives of each of the participants, including from OJSC NK Rosneft and ITERA International Group of Companies, joined the Board on a parity basis, and one person joined the Board as an independent Director. Participants of the new Board of Directors, among others, included Igor Makarov, President of ITERA International Group of Companies, Vladimir Makeyev, General Director – Chairman of the Management Board of ITERA Oil and Gas Company, LLC, Edward Hudajnatov, First Vice President, Deputy Chairman of the Management Board of NK Rosteft, Didier Casimiro, Vice President, Commerce and Logistics, NK Rosneft. The meeting of ITERA Oil and Gas Company participants decided that a meeting of the new Board of Directors should be held in the nearest future to elect Igor Makarov as Chairman of the Board of Directors, to form a new Managing Board of the Society and to determine the Company’s strategic goals for the nearest future.

“The key task of the established Joint Venture is to create a successful player, one of the flagships in the Russian gas industry. For this purpose the Company shall concentrate not just on commissioning new fields, but also on further building up the resource base”, - Igor Makarov, Head of ITERA International Group of Companies, stressed when commenting on establishing the JV.

OJSC NK Rosneft is the largest Russian oil company, one of the world leading publicly-held oil and gas corporations. Exploration and production of oil and gas, production and sale of oil products and petrochemical goods are basic activities of Rosneft.

ITERA International Group of Companies is a vertically integrated holding company which includes dozens of enterprises and companies in CIS, Baltic countries, Western Europe, Asia and the USA. Gas business is a core business of ITERA since its inception in 1992. Development, gas processing and power generation are among strategic businesses of the Group, too.

ITERA Oil and Gas Company have been developing its natural gas production in the Yamalo-Nenetz Autonomous District since 1998. The Company has invested over USD 2 billion in development of the gas industry. ITERA has produced about 250 billion cu m of natural gas at the gas fields it had developed. The Company had sold about 600 billion cu m of natural gas.