OREANDA-NEWS. November 23, 2012. Mr. Vladimir Blinov, a representative of JP Morgan, joined the ITERA Board of Directors as an independent Director, - ITERA Oil and Gas Company reported.

Rosneft closed the deal to purchase a 51% stake with ITERA last August. The new ITERA Board of Directors was elected. Representatives of both companies joined the Board of Directors on a parity basis. No details were disclosed.

Igor Makarov (Chairman of the Board of Directors), Vladimir Makeyev and Raissa Frenkel represent ITERA, while Edward Khudainatov, Didier Casimiro and Rashid Sharipov represent Rosneft in the Board of Directors.

Rosneft and ITERA made a Strategic Cooperation Agreement this February. The Agreement provides for joint exploration and development of gas fields in Russia. The Agreement envisions a possibility to establish a joint venture. It is expected that gas assets of ITERA Group of Companies (a 49% shareholding with OJSC Sibneftegaz, a 49% shareholding with CJSC Purgaz, a 67% shareholding with CJSC Uralsevergaz-NGK, as well as certain other assets) and gas fields of Kynsko-Chaselskiy Group of fields owned by Rosneft would make a foundation for the joint venture. The Rosneft plan for the future was to transfer its other gas assets to the joint venture.

Rosneft purchased a 6% stake this early July, and closed the deal to purchase a 51% shareholding with ITERA Oil and Gas Company, LLC, this August. 

The deal allowed Rosneft to considerably increase its gas production within nine months of 2012. The Company’s gas sales proceeds went up 37.7% to RUB15.7 billion.