OREANDA-NEWS. The Board of Directors’ meeting of ITERA Oil and Gas Company, LLC, a joint venture established in the summer of 2012 by OJSC NK Rosneft and ITERA International Group of Companies (ITERA IGC), was held. Issues related to election of Chairman and Deputy Chairman of the Board of Directors of the JV, termination of powers of the General Director and members of the Management Board, and election of a new General Director and members of the Management Board had been considered. Igor Makarov, President of ITERA Group, LLC, was elected Chairman of ITERA Oil and Gas Company; Edward Hudaynatov, First Vice President of OJSC Oil Company Rosneft, was elected Deputy Chairman of the Company’s Board of Directors.

The Board of Directors also decided to appoint Edward Hudaynatov the new General Director – Chairman of the Management Board of ITERA Oil and Gas Company. 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 included Sergey Vorobyev who was appointed the First Deputy General Director, Boris Urasinov who was appointed the Chief Engineer, Gennady Skidanov who retained the office of the Commercial Director of the Company; 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 Rosneft and ITERA, partners in the Joint Venture, set today is to create a flagship of the Russian natural gas market. Today, thanks to the scale of the business of OJSC NK “Rosneft” and the knowledge by the team of ITERA Oil and Gas Company of the gas market, we have all possibilities and resources to achieve the objective set. I am glad we are beginning efficient work in the prescribed direction.” OJSC NK “Rosneft” is the leader of the Russian oil industry, the world's largest public oil and gas company. The principal activities of Rosneft include exploration and production of oil and gas, 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.