OREANDA-NEWS. March 26, 2012. Gurbanguly Berdymakhamedov, President of Turkmenistan, received Igor Makarov, Head of ITERA International Group of Companies, on March 18.

Large investment projects with ITERA involvement in the territory of Turkmenistan were discussed during the meeting. Particularly, exploration and the planned commercial development of Block 21 in the shelf zone of the Turkmen part in the Caspian Sea, construction of a hotel complex in the Avaza resort area and other projects were discussed. The head of the Company informed the President on establishing a joint venture with OJSC “NK Rosneft” and the prospects for development by the JV partners of the gas business on the basis of ITERA Oil and Gas Company. President Gurbanguly Berdymakhamedov positively assessed the companies’ cooperation prospects and expressed his confidence in their ability to further the successful development of the Project of hydrocarbons’ production in the 21st Block.

In the end of the meeting, Igor Makarov re-confirmed the high interest on the part of the Company he headed to expand its presence in the promising market of Turkmenistan. He also took the opportunity to congratulate the President with his re-election to the top political office.

ITERA International Group of Companies is a vertically integrated holding company which includes dozens of enterprises and companies in CIS, Baltic countries, Western Europe, Asia and the USA. Gas business is a core business of ITERA since its inception in 1992. ITERA Oil and Gas Company, a Group company, has been developing its own production of gas in the Yamalo-Nenets Autonomous District since 1998. It had invested over USD 2 billion into development of the gas industry. Development, gas processing and power generation are also among strategic businesses of the Group.

ITERA is involved in operations in the Sea Block 21 in the Turkmen sector of the Caspian Sea based on terms of a Product Sharing Agreement. According to preliminary assessments, the License Block 21 has producible reserves of oil of 219 million tons, associated gas of 92 billion cubic meters and natural gas of 100 billion cubic meters. Investments to the Project shall be up to USD 6 billion.