OREANDA-NEWS.  June 22, 2012. The Annual General Shareholders Meeting held in Yekaterinburg, in the office premises of CJSC Uralsevergaz, a company with shareholding of ITERA Oil and Gas Company and the Government of Sverdlovsk Region, summed up results of the Companys operation in 2011. Last year, CJSC Uralsevergaz, the major supplier of natural gas to the Sverdlovsk Region consumers, ensured sales of 15.8 billion cubic meters of natural gas, produced primarily in ITERA Oil and Gas Companys key fields in Yamal by Purgaz and Sibneftegaz. This exceeds the 2010 sales by 185 million cubic meters, reported the press-centre of ITERA.  

ITERA Oil and Gas Company intend to supply around 16.3 billion cubic meters of gas to Sverdlovsk Region in 2012.

CJSC Uralsevergaz has been having a serious systematic issue of critically low level of accounts settlement, annual increase in consumers debt for consumed gas. As of 31.05.12, the total consumers debt for supplied gas (excluding the cost of gas supplies in May) increased by 1.4 billion rubles and amounted to 4.55 billion rubles.

The Company's shareholders agree that the key objective of the Company's management in preparation to the upcoming heating season is to secure the guarantees of gas payment by consumers.

The Shareholders Meeting approved the annual report of CJSC Uralsevergaz, its annual financial reporting and elected the Board of Directors composed of 5 members. Vladimir Makeev, Chairman of the Management Board of ITERA Oil and Gas Company, was elected the Chairman of the Board of Directors of CJSC Uralsevergaz. The Board also includes: Nikolai Smirnov, acting Minister of Energy and Utilities of Sverdlovsk Region, Gennady Skidanov, First Deputy Chairman of the Management Board of ITERA Oil and Gas Company, Sergey Vorobyev, Deputy Chairman of the Management Board of ITERA Oil and Gas Company, Aleksander Eremin, General Director of CJSC Uralsevergaz, whose term of powers was extended until July 1, 2013.

"Shareholders have evaluated Uralsevergazs operation results in 2011 in a positive way but the Companys stable operations have been disrupted by the problem of non-payments, - said Vladimir Makeev. "We are pleased that in the course of today's meeting, E.V. Kuyvashev, the new Governor of Sverdlovsk Region, supported ITERA Oil and Gas Company and CJSC Uralsevergaz actions to ensure uninterrupted gas supply to the Region and to resolve the issue of accounts settlement by consumers for gas supplies," noted the Chairman of CJSC Uralsevergaz Board of Directors.