ITERA Tops Information Openness Rating among Russian Energy Companies
OREANDA-NEWS. June 7, 2012. ITERA Oil and Gas Company was in the top of information openness rating among Russian fuel and energy companies in May. The Political and Economic Communications Agency prepares the rating on a monthly basis. Experts of the Agency noted that the Company aspired to improve transparency not only in respect of disclosure of financial reporting and information on tenders. A Consultative Council operates in ITERA to help develop recommendations for the Board of Directors and the top management of the Company.
ITERA strives for greater openness and transparency in business. This allows for more efficient management of the Company and easier raising investments and loans. This is even more important at this point in time, on the threshold of creating a joint venture with NK “Rosneft”, a new strategic partner, - Gennady Skidanov, Head of Commercial Department, First Deputy Chairman of ITERA Oil and Gas Cony’s Management Board, pointed out.
ITERA International Group of Companies was established in 1992. It 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 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. The total of over 250 billion cubic meters of natural gas has been produced in the fields developed with by ITERA. The total of about 600 billion cubic meters of natural gas has been sold. Development, gas processing and power generation are also among strategic businesses of the Group.