OREANDA-NEWS. January 18, 2010. ITERA International Energy L.L.C. has sold its block of shares with J.V. Moldcarton. It resulted from the fact that despite considerable investments by ITERA (over USD 20 million invested since 2002) the combine remained a loss-maker. The situation was aggravated by financial and economic crisis in the pulp and paper industry. The demand on the Combine’s produce plunged in the second half of 2008 and it was halted.

Despite this, ITERA continued financing the enterprise. This allowed the payment of wages to workers of the Combine until the date of the sale and withholdings in favor of Moldova budget.

The entire situation and the strategy of the Company to concentrate on the gas business approved in 2007, predetermined the ITERA decision to sell the block of shares and give up its shareholding.