OREANDA-NEWS. November 2, 2012. The opening ceremony of the VII All-Russian Congress of Geologists attended by not only national delegations but also representatives of foreign geological surveys was held in the State Kremlin Palace.

ITERA which is actively involved in the development of Russian mineral raw material base in the Yamal Peninsula and in gas supply to Sverdlovsk Region, one of the largest industrial areas, provided sponsorship to the event.

"Dear delegates and participants of the VII All-Russian Congress of Geologists! Today, the oil and gas industry - one of the most important industry for the country - faces a number of serious challenges. Replacement of the mineral raw material base of Russia should become a priority in the operations of both national and oil companies and of non-resident companies which have an invaluable opportunity of using our resources for the benefit of the economy. The Russian law provides various instruments of regulating replacement of the mineral raw material base, however, the reality depends not only on the legislators, but also on the efficiency of the economic system, on the developed business activity mechanisms. We should keep in mind that exploration in new territories is a complex natural experiment which we must carry out with all due care. We must remember to look back at the heritage of the Soviet geologists who have given us explored reserves making our country the second in the world oil production. I was honored to have worked with one of them - legendary Farman Salmanov - for many years. In its turn, ITERA intends not only to develop green fields received through establishing of the joint venture with Oil Company "Rosneft", but also to actively invest into the maintenance of the existing resource base", - said Igor Makarov, the Chairman of the Board of Directors of ITERA International Group of Companies, in his welcoming presentation.

The VII All-Russian Congress of Geologists is organized under the auspices of the Ministry of Natural Resources and Ecology of the Russian Federation, the Federal Agency for Subsoil Use and the Russian Geological Society. Within the framework of the event, there will be discussions of the public policy and national resource security in the field of geological study of subsoil assets and replacement of the mineral raw material base, condition of the hydrocarbon raw materials base in Russia and its development prospects, and regional geological study of the country's subsoil resources and development prospects.