OREANDA-NEWS. March 09, 2011. The meetings of the Boards of Directors of ITERA International Group of Companies (ITERA IGC) and ITERA Oil and Gas Company, LLC, have taken place, reported the press-centre of ITERA.

Reports on fulfillment of the business plan and the budget for 2010 have been reviewed. It was pointed out that basic indices had been successfully achieved in 2010. ITERA Oil and Gas Company, LLC, increased production of natural gas by 59.4 % to 12.7 billion cu m. It had sold over 21 billion cu m of gas. That was 2.7 billion cu m more than in 2009. As at the year end, the net profit of the Company went up 39 per cent.

The business plan and the budget of ITERA Oil and Gas Company for 2011, the natural gas marketing strategy for 2012 and the subsequent years have been reviewed and approved of.

Issues related to optimization of activities by the companies and further ITERA IGC restructuring have also been discussed.

Igor Makarov, Chairman of the Boards of Directors of ITERA IGC and ITERA Oil and Gas Company, pointed out that natural gas supply to the Sverdlovsk Region, implementation of energy-related projects, involvement in development and exploitation of oil and gas fields in Russia and Turkmenistan remained priorities of the companies.

ITERA IGC  is a vertically integrated holding company which unites 150 enterprises and companies operational in 20 countries of the CIS, the Baltic Sea Region, Western Europe, Asia and the USA. It has been involved in marketing natural gas since 1994. It has been producing gas in Western Siberia (the Yamalo-Nenets Autonomous District) since 1998. The Group had invested over US\\$ 2 billion in development of the gas production industry.

ITERA Oil and Gas Company is one of the larger independent producers and sellers of natural gas in the Russian Federation. It has been developing its own production of natural gas in the Yamalo-Nenets Autonomous District in Russia since 1998. The Company has invested in the development of the gas producing industry over US\\$ 2 billion. ITERA was the first private company to commission gas fields in the Far North of Russia. The total of over 235 billion cu m of natural gas has been produced in the gas fields developed by ITERA.

CJSC Purgaz (49%), OJSC Sibneftegaz (49%), OJSC Bratskecogaz (78.9%), a subsidiary company in Turkmenistan and CJSC Uralsevergaz (65%) and ITERA Latvia (66 %), trader companies are within the framework of ITERA Oil and Gas Company.