Despite the global economic crisis and turbulence on commodity and financial markets ITERA Group of Companies is strictly committed to a strategy of preserving and developing vertically integrated business (from production of hydrocarbon raw materials through to finished goods).
Implementation of this strategy is closely related to expansion of the resource base, introduction of innovative technologies and development of strategic cooperation with Gazprom. Both companies have experience of cooperation in exploration, production and supply of natural gas. Gubkin Field, Beregovoye Field, Pyreinoye Field, Khadyryakhinskoye Field and Zapadno-Zapolyarnoye Field in the territory of Yamalo-Nenets Autonomous District (YaNAO) are being efficiently developed based on joint plans and within the frameworks of ZAO Purgaz (CJSC Purgas) and OAO Sibneftegaz (OJSC Siberian Oil and Gas), joint enterprises. Natural gas-related joint projects are also being implemented in Irkutsk Region and in Baltic states.
ITERA (established in 1992) has been involved in implementing gas-related projects since 1994. It is one among the larger independent gas producers of Russia.
ITERA has been developing the proprietary production of gas since 1998. Eight fields of hydrocarbons in YaNAO and Irkutsk Region have been put into operation with the Company’s involvement.
ITERA unites 150 enterprises and companies. It expands its business geography step by step by way of adding new cooperation areas to traditional ones. Its projects are known in the CIS countries, Baltic States, countries of Western Europe, Asia, Africa, as well as in the USA. ITERA has been producing and processing hydrocarbon raw material in Illinois and Texas since 2003. ITERA is a shareholder in Latviyas Gaze and Eesti Gas, gas companies in the Baltic area. It owns eleven regional gas distribution companies in Georgia.
ITERA has been operating in Sverdlovsk Region since 1999 to help meet the economic and social need of that large industrial region of Russia in natural gas. The Company is an active participant in provision of gas supply in the Region. It constructs modern boiler-houses and cogeneration plants, and implements energy saving technologies. For example, a computer-based commercial energy supply metering system is successfully used at Ferro-alloys Plant in Serov. The system allows for reduced electricity consumption.
ITERA, during its operation in the gas markets of Russia, CIS and Baltic states, sold over 540 billion cu meters of natural gas. It had produced the total of over 140 billion cu meters of gas. The total investment in development and exploitation of fields has exceeded $2 billion.
The Company sells natural gas it produces and natural gas it buys from other natural gas producers. ZAO Purgaz and OAO Sibneftegaz, gas producing companies (with a 49 percent ITERA shareholding in each on them), provide for most proprietary gas of the Company. At that, the plan is to increase consistently the size of the Company’s gas resources.
Unfortunately, the Company has to solve problems related to insufficient payments on the part of gas consumers, large debtor indebtedness for the supplied energy products.
ITERA, within its development strategy, expands its presence in Russia and abroad. It is an active participant in implementation of new projects related to exploration and production of hydrocarbon raw materials, development of oil and gas infrastructure, construction of thermal power plants and oil and gas chemical complexes. The Company is aggressively searching for new kinds of products with high share of added value based on hydrocarbons’ processing. In fact, the plan for the future includes increased sales of thermal energy and electricity, and products of chemical processing of gas and oil.
Electric power industry is becoming a promising area for ITERA business development. The Company commenced construction of a steam-gas power cogeneration plant with a capacity of 900 mW in Nizhny Novgorod Region. The Region shall receive not only electric power it needs so badly, but also additional jobs.
The ITERA plans include construction (based on Danish technology) of a gas and petrochemical complex to produce 600 thousand tons of methanol a year in the Urals; development of Apsatskiy mineral coal field, one of the largest in Russia, in the Trans-Baikal Area.
The Company is successfully involved in construction and reconstruction of gas pipelines in Russia, Turkmenistan, CIS and Baltic States.
ITERA is to implement large scale projects jointly with Zarubezhneft and Rosneft in Turkmenistan. The Project on development of hydrocarbons in the 21st block of the Turkmen sector in the Caspian Sea jointly with Zarubezhneft is assessed at USD 6 billion. According to forecast, the reserves of the block are 219 million tons of oil and 100 billion cu meters of gas. ZARIT Project (the concern, which includes Zarubezhneft, Rosneft and ITERA) is also promising. It is to develop sea blocks 29-30-31 in the south-east of the Caspian Sea.
With due account for consequences of the economic crisis, ITERA concentrates its efforts on fulfilling gas-related investment programs, reduction of unproductive expenditures and sale of non-core assets of no priority importance for development of the core business. The revenue is allocated to the purchase of new gas assets and implementation of gas and electric power projects.
ITERA applies a well-considered personnel policy. Its companies employ high quality specialists. They update their knowledge of the new trends in development of the world fuel and energy complex on a regular basis. An efficient group of managers has been formed from the young promising employees.
ITERA Development Group of ITERA Group of Companies is implementing a number of important construction projects in Russia, Belarus and Turkmenistan. In 2009 The Company opened an Office Center in Ashgabat and constructed a sports complex with a stadium for ten thousand seats in Turkmenabat. In late April 2011 two large hippodromes were commissioned in Lebap and Balkan velayats (provinces) of Turkmenistan, and next year a comfortable hotel in Avaza resort zone is due to be finished.
The Company is implementing unique town planning designs in the capital city of Belarus. Those include Minsk-City, a mega complex, and a Business Center with Parus (a Sail) apartment skyscraper. The Company is commencing one more big-scale project. It is an Office Complex in Sochi. The Office Complex shall accommodate headquarters of the Winter Olympic Games - 2014. A big project of a country house settlement is to be launched in Moscow Region soon.
ITERA Oil and Gas Company, LLC, and Rosteknologii (Russian Technologies), a state corporation, made an agreement in April of 2010. The Agreement envisions coordination of the parties’ activities in development, production and supply of high-technology equipment and other products to the Oil and Gas Company.
The Company is one of the guardians of Skolkovo, an international business school, and Oil and Gas University named after Gubkin in Moscow. It is a General Sponsor of a Flight of Hope, a unique international ecological project. It is intended to preserve the population of sterkhs (white cranes), entered in the International Red Book.
ITERA has been a general sponsor of Russian Cycling Federation for a number of years. It was on the Company’s initiative that Katusha, a professional cycling team, has been established and financed. It is for the third year at a run that Katusha is among the world most successful cycling teams. Members of the team participated in Moscow – St. Petersburg bike ride on April 18-23, 2010. It was devoted to the 65th anniversary of the Great Victory and the 75th anniversary of the beginning of cycling mass movement in the country. ITERA is a shareholder in Dynamo-Riga Hockey Club of Latvia. It plays in the Continental Hockey League.
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