OREANDA-NEWS. April 11, 2011. Serzh Sargsyan, President of the Republic of Armenia, received Igor Makarov, Chairman of the Board of Directors of ITERA International Group of Companies, in Yerevan on March 24. The head of the state pointed out that ITERA was an old and reliable business partner and Armenia was interested in the Company successful implementation of the new promising business projects.

Areas of possible cooperation were discussed during the meeting of Igor Makarov and members of ITERA International Group of Companies’ delegation with Tigran Sarkisyan, Prime Minister of Armenia. The Prime Minister expressed satisfaction with a multi-faceted cooperation with the Company and pointed out the importance of the programs intended to improve relations further. A set of issues of mutual interest was considered, as well. In this context, the parties discussed an approach to construction of a high-level sports center on the Lake Sevan shore and cooperation in developing cycling in Armenia.

In the Office of Yerevan Mayor, Igor Makarov and Karen Karapetyan, Mayor of Yerevan, signed a Memorandum of Understanding on implementation of investment projects. ITERA International Group of Companies was offered a participation in developing modern infrastructural projects related to tourism, trade and sports, and in construction of parks and green zones in the capital city of Armenia.

According to K. Karapetyan, "the agreement signified the beginning of a new stage in mutually beneficial cooperation. The investment possibilities were quite diverse and the Company might choose areas where it could invest at a profit".

Replying to question of journalists, I. Makarov praised the results of the talks with the leaders of the Republic and the signing of the Agreement with the Mayor’s Office of Yerevan. "We are proud of the fact that the Company has been fruitfully operating in the energy-related area in Armenia. In recent years, ITERA acquired sufficient expertise in the business of development. We had constructed or are in the process of construction unique facilities in Russia, Byelorussia and Turkmenistan. We hope to employ our potentialities in Armenia, too", - the head of ITERA stressed.

ITERA International Group of Companies is a vertically integrated holding. It is one among the larger independent producers and sellers of natural gas in Russia. ITERA International Group of Companies includes 150 enterprises and companies in the CIS, Baltic States, Western Europe, Asia, Africa, as well as the USA. ITERA has been producing and processing hydrocarbons in Texas since 2003. ITERA is a shareholder of Latvijas Gaze and Eesti Gaze, the Baltic gas companies.