OREANDA-NEWS. November 23, 2012. ITERA Oil and Gas Company increased its net profit under RAS by 19% within nine months of 2012, if compared to the similar period of the previous year, to RUB4.816 billion, - the Company reported.

Revenue for January-September period went down 0.82% to RUB41.524 billion. Gross earnings reduced by 3.28% to RuR 25.707 billion, profit on sales went down by 17.7%, to RUB5.787 billion, profit before tax went up 19.3% to RUB6.102 billion.

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.

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 was 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.

ITERA Oil and Gas Company is one of the largest independent producers and traders of natural gas in the Russian Federation. ITERA has been developing its own production of gas in the Yamalo-Nenets Autonomous Okrug since 1998.