OREANDA-NEWS. July 22, 2011. ITERA Holding, LLC, a company of ITERA International Group of Companies, has completed a deal with KKCG SE, a parent company of  KKCG Financial and Investment Group. The deal is to do with the sale of oil import, storage and loading complex in Oktyabrsk of the Samara Region. An appropriate permission has been obtained from the Federal Antimonopoly Office of the Russian Federation. According to the deal, KKCG SE has become a 100% owner of the terminal, reported the press-centre of ITERA.

The oil terminal sale was accomplished in line with the ITERA Development Strategy and the Sale of Non-core Assets Program. Proceeds shall be used to replenish the resource base of ITERA gas business and to implement its promising chemical and energy projects.

When commenting on the Agreement signature, I. P. Semenyuta, the ITERA Holding CEO, said: "We have chosen the KKCG Group as a profile investor in the first place because we are assured of its high level of professional readiness to manage the complex and to thoroughly study the Russian market distinctions. I am sure that the Czech company is going to be a serious owner of the terminal in Oktyabrsk to give it a new development impetus. It is important that the deal opened a way for our future cooperation on joint investment projects which projects’ options are being currently discussed."

Pavel Saroch, KKCG Group CIO comments on the investment pointed out: "The purchase of the oil terminal is the first KKCG Croup investment project in the Russian market in the so-called "downstream" area, i.e. activities related to processing and marketing crude oil. We also hope that our cooperation with ITERA Group will continue within the frameworks of other projects.