Itera
Encyclopedia
ITERA International Group of Companies is a Russia-based private-owned corporate group with headquarters in Moscow
. Its core business primarily focuses on gas
and gas processing. Along with gas
, its numerous branches and subsidiaries also deal with energy
, oil extraction, civil construction, pipeline
and industrial engineering
, coal mining
, finance
and insurance
.
ITERA is one of the key Russian independent producers and traders of natural gas
operating mainly in Russia
, the CIS
countries and Turkmenistan
. Its business activities also cover several countries in Europe
, Asia
, Africa
and North America
. As a whole, ITERA has over 150 branches, representative offices, branches, and affiliated companies all over the world.
Being a big independent player on the Russian gas market, ITERA closely teams up with the Russian gas giant Gazprom
on developing infrastructure to deliver gas condensate from production sites.
The company was originally started in the United States under the name Itera International Energy Corporation as a basic commodities trading company. In 1994, after a sale of sugar to the country of Turkmenistan
, Itera obtained rights to sell Turkmeni natural gas as payment for its sugar transaction. Itera began sales to the Ukraine of the Turkmeni gas in 1995 and, based on that success, continued to expand its natural gas trading activities throughout the former Soviet Union
, becoming the second largest seller of natural gas in the FSU in the late 1990s. Its subsidiary Itera USA provides representation for Itera Group projects in North America
, with corporate headquarters in Jacksonville, Florida
. Itera USA provides solutions in energy
, bioenergy
, timber
and real estate
. Itera USA is purportedly at work on a project that would use new, patented technology to produce bioethanol and other specialty chemicals.
, and two years later it started implementing its own gas-relating and gas-supplying projects within its subsidiary
ITERA Oil & Gas Company, LLC. In the 1990s that Company successfully delivered big amounts of natural gas from Central Asian producers (in particular, Turkmenistan
) to CIS
countries, like Ukraine
, Belarus
, Moldova
, and Georgia
, as well as to the Baltic States
. Thus, it gained sound reputation of a stable and reliable gas supplier.
Up to date, gas production and distribution remains core corporate business. However, ITERA’s geographic priorities gradually switched to Russia
.
In the late 90s ITERA started gas business in Sverdlovsk Region
, a big industrial center and one of the broadest local energy markets of Russia
, and by now it became the sole gas supplier to the territory. ITERA actively penetrates into Moscow
and Perm
local markets as well.
conducted dubious transactions with Itera and a Gazprom/Itera joint-venture, Purgaz, in the late 1990s. Billions of dollars of Russian natural gas resources were transferred from Gazprom to Itera for artificially low prices and then sold to the markets by Itera, allegedly profiting Gazprom managers who were also beneficiaries of Itera.
Cosa Nostra, a crime syndicate. Mafia Don Massimo Ciancimino stated in a 2005 deposition in Italian courts that he met up with Igor Makarov in Cortina d'Ampezzo
, trying to organize a deal to use mob money to set up a gas distribution network to "broaden his business interests".
led a congressional delegation to Russia and visited Itera. After his return, he publicly supported Itera's efforts. In the beginning of September of that year, Itera paid the expenses for a Weldon trip to NYC. The following week, Itera told Karen Weldon, the Congressman's daughter, it would sign a contract with her newly formed lobbying firm, Solutions North America, Inc. On September 24, Curt Weldon co-hosted an event at the Library of Congress honoring Itera's chairman. On September 26, Weldon gave a floor speech praising Itera. On September 30, SNA received a $500,000 annual contract with Itera, with $170,000 up front. In November, Itera paid for Karen to join Rep. Weldon on a trip to Eastern Europe and Russia. In January 2003, Itera opened U.S. offices in Jacksonville, Florida, and paid for Rep. Weldon to attend the opening.
of Russia: Gubkinskoye gas field (reserves of 399 BCM) in 1999, a gas deposit (reserves are 407 BCM) of Vostochno-Tarkosalinskoye field in 2001), and Beregovoye gas field (reserves are 325 BCM) in 2003. So by now eight gas fields are being developed both in Yamalo-Nenets Autonomous District and Irkutsk Region. By 2011, the total of over 235 BCM of natural gas has been produced in those fields.
In the last few years the Company invested over $2 billion
in new field development.
and oil
is a substantial but not unique part of ITERA's business.
Since the mid-2000s ITERA is being deeply involved in civil construction
and industrial engineering
. With its own capacities the Company successfully carried out and keeps implementing several big construction projects in Russia
, Belarus
and Turkmenistan
. Among them are an Office Complex for an Organizing Committee of the Winter Olympic Games
Sochi
2014, a skyscraper and a business center in Minsk
, a big project of a country house settlement in Moscow
Region, sport facilities and pipelines in Turkmenistan
and Russia
, and some others.
Electric power is becoming another 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. Thus, the Region will receive not only electric power it needs so badly, but also additional jobs.
The Company’s upcoming plans also include construction (based on Danish technology) of a gas and petrochemical complex to produce 600 thousand tons of methanol a year in the Urals.
Itera has secured a five-year syndicated loan
worth $325 million, the company said on Monday. The loan, paying interest of three-month LIBOR plus 4.5 percent, will be used to refinance other loans. Deutsche Bank
, Gazprombank
, Raiffeisen Bank and UniCredit
Bank make up the pool of lenders.
Born in Ashgabat (Turkmenistan
) in 1962. Mr. Makarov graduated from Turkmen State University in 1983, and then served in the army. He was a member of the USSR national cycling team, champion and prizewinner of the all-Union (USSR) and international cycling competitions. Mr. Makarov is also a Master of Sports of International Class.
He started his business in the late 1980's and received excellent managing experience from a small production and trading company to a large international corporation.
Mr. Makarov heads ITERA since its foundation in 1992.
Being a successful businessman, Mr. Makarov preserved his young enthusiasm for professional sport. He actively supports and sponsors Russian national cycling movement. Thus, in mid-2010 he was elected as President of the Federation of Cycling Sport of Russia (FCSR) and in March 2011 Makarov became a member of the Management Committee of the International Cycling Union, UCI
.
He is decorated with state awards of different countries for significant contribution to developing economic relations and strengthening friendship and cooperation between the peoples. Among the awards are the Order of Friendship of Peoples
and the Medal of Francisk Scorina (state awards of Belarus
), the Friendship Medal (state award of Mongolia
), the Order "Gloria Muncii" (Labor Glory) (the state award of the Republic of Moldova), as well as the Order of Holy Faithful Prince Daniel of Moscow and Innokenty the Sanctifier Metropolitan of Moscow and Kolomna, 3rd Class of the Russian Orthodox Church, the Order of Saint Sergius of Radonezh, 3rd Class of the Russian Orthodox Church, Honorary Reward "Аkinfy Nikitich Demidov" of the International Demidov's Foundation.
Vladimir Makeev, General Director
and Chairman of the Management Board of ITERA Oil and Gas Company, LLC.
Vladimir Makeev was born in Moscow
in 1948.
He has started his working career in 1966 as an engineer at the Central Scientific Research Institute for Machine Building Technology with the Ministry of Energy, USSR.
As of 1976 through 1981 he held executive positions at Proletarsky district CPSU committee of Moscow
.
As of 1981 he became a chief expert member of Tekhmashimport foreign trade association.
In 1983 he became a chief expert of the USSR Trade Representation in Belgium
.
As of 1985 through 1991 he held executive positions in the Foreign Trade Ministry and Ministry of Foreign Economic Relations of the USSR.
In 1991 he became a Deputy Trade Representative of the Russian Federation in the Republic of Cyprus
.
In 1993 he became a General Director of Mosnikos Investments Ltd. Investment Company.
Starting in 1997 he became a Chief Executive Officer
of Omrania Trading Ltd and ITERA International Energy L.L.C.
In 2006 he was appointed a General Director
and Chairman of the Management Board of ITERA Oil and Gas Company, LLC.
In 1972 he graduated from All-Union Machine Building Institute, in 1983 he graduated from All-Union Academy of Foreign Trade.
by 42.7 percent up to US$ 226.9 million.
Net sales amounted to US$ 1.6 billion compared to US$ 1.15 billion in the previous year, natural gas sales were RUR 1.58 billion (compared to RUR 1.13 billion in the previous year).
The Company’s gross profit increased up to US$ 435.9 million from US$ 294 million in 2009, operating expenses amounted to US$ 151 million compared to US$ 145.8 million, operating profit increased up to US$ 285 million from US$ 148.6 million in the previous year.
The Company’s profit before taxation reached US$ 270.18 million (US$ 199 million in 2009).
production projects in Yamalo-Nenets Autonomous District in 1998.
A year later, Gubkinskoe gas field was put into commercial operation and further on, after a year, a gas field of Vostochno-Tarkosalinskoye deposit was put into commercial service.
In 2003, ITERA put into commercial operation Beregovoye gas field.
ITERA International Group of Companies participates in commercial operation of gas fields and development of hydrocarbons fields in Yamalo-Nenets Autonomous District with the aggregate reserves of 510 billion cu m of gas
, over 2 million tons of gas condensate and 7 million tons of oil
.
ITERA takes part in gasification of settlements and towns of Yamalo-Nenets Autonomous District, contributes to implementation of social programs in the District.
ranks the 2nd industrial and 5th populous region in Russian Federation. That makes it one of the biggest and most attractive local gas markets in the country.
ITERA has been operating in Sverdlovsk Region
since 1999; at the moment the Company satisfies around 80% of regional needs in natural gas
. The supplies are effected through ZAO Uralsevergaz, an ITERA subsidiary
, in the amount of about 17 BCM a year.
In 2003, ITERA and the Government of Sverdlovsk Region
have concluded an agreement on cooperation for the period of 2004 through 2008, pursuant to which ITERA will deliver 88 BCM of gas to consumers of the Region for this period. In 2008 and 2011 this agreement was prolonged and vastly extended for further development of bilateral cooperation. According to 2011 agreement extension, ITERA and Uralsevergaz shall ensure construction of gas-boiler houses, connection gas pipelines between settlements and distribution gas pipelines in 2011 – 2015. This construction shall be accomplished in line with the Investment Program for 2011 – 2015 and the Master Plan for Gas Supply and Installation of Gas Service in Sverdlovsk Region
. The Investment Plan covers 24 towns and municipalities. It envisions construction and reconstruction of 66 heat generators with a capacity of 260 mW including feeder gas pipelines with a length of about 21 km, as well as construction of about 81 km of distribution gas pipelines. The Investment Program implemented by ITERA Oil and Gas Company and CJSC Uralsevergaz and CJSC Regiongaz-invest (Regional Gas Investment), its subsidiary companies, is worth Rub. 1.62 billion.
, a city northwards from Irkutsk
, where Bratsk
gas condensate field is located. The field is operated by the partnership Bratskekogaz formed by the city authorities and ITERA Oil & Gas Company, with stakes 21,1% and 78,9% respectively. The field’s proven reserves are estimated at a level of 10,7 billion cubic meters of gas and 820 thousand tons of condensate. Project output exceeds 400 million cubic meters.
The license for Bratskoe gas-condensate field is valid till December 31, 2039.
, located in Stavropol Region, is amongst the largest quarries in Europe
with production capacity exceeding 1 million cubic meters of crushed stone
, sand
, and gravel
per year. The Open Joint Stock Company "Stavropolstroynerud", with a 72% share owned by ITERA, develops the quarry.
Modern equipment and facilities of the industrial complex place Malkinsky quarry among the most advanced Russian enterprises of the construction industry.
, in Zabaykalsky Krai. In mid-2010 the drilling process, aimed at prospect evaluation of potential reserves, has started. It is planned to finish undiscovered potential assessment in 2012, to enter its reserves in the state coal balance in 2016, and to start production of metallurgical coal in 2017, at the latest. The total expenditure on exploration is Rub. 700 million.
Development of Apsatskoe coal mine is to boost local economy and provide necessary raw materials for metallurgical plants home and abroad.
since its foundation in 1992. Originally, bilateral cooperation exclusively concentrated on gas
and energy
sphere. In the 90s, being a major importer of Turkmen gas, the Company delivered hydrocarbons to other CIS
consumers (like Ukraine
and Belarus
) covering a substantial part of their energy needs. In the 21st century the parties vastly diversified their projects and switched from gas trading in favor of industrial engineering, civil construction and oil and gas field exploration.
In 2010 ITERA finished construction of Central Kara Kum – CS Yilanly gas pipeline 198.5 km length. This pipeline allows transporting up to three billion meters of natural gas a year to the CIS
and world markets.
At present ITERA, together with Zarubezhneft
, is carrying out a big joint project on developing hydrocarbons in the 21st block of the Turkmen sector in the Caspian Sea
. The total expenditure of this project is estimated at USD 6 billion. According to the forecast, the reserves of this block are 219 million tons of oil
, 100 billion cubic meters of natural gas
and 92 billion of cubic meters of associated gas. ZARIT Project (the concern, which includes Zarubezhneft
, Rosneft
and ITERA) is also promising. It is to develop sea blocks 29-30-31 of the Turkmenistan
sector of the Caspian Sea
.
ITERA contributes a lot to the social infrastructure of the country. Under its assistance, big sport and recreation facilities were constructed, in particular a ten-thousand-seat stadium in Turkmenabat
, two large hippodromes in Lebap and Balkan velayats (provinces) of Turkmenistan
In the near future a comfortable hotel in Avaza recreation zone is due to be started.
remains a significant market for ITERA. The Company carries out a number of big infrastructure projects in the country. Among them are Minsk-City, a mega complex, and a Business Center with Parus (a Sail) apartment skyscraper.
, Illinois
, Pennsylvania
, Alabama
, North Carolina
, Mississippi
, Florida
, Tennessee
, and Louisiana
ITERA USA primarily focuses on oil
and real estate
along with renewable energy sources, chemicals and bioenergy
technologies. The Company’s divisions also deal with building convenience stores and shopping centers throughout the USA.
Since 2003 the Company has been producing and processing hydrocarbon
raw material in Illinois
and Texas
; in 2008 ITERA USA put into operation a bioethanol refinery in Pennsylvania
. The construction of the same facility in Louisiana
is planned as well.
draws particular attention of ITERA. At present the Group examines a project of construction of a high-level sports center on the Lake Sevan
, various investment opportunities in tourism, trade and sports, along with development of city infrastructure of Yerevan
, Armenia’s capital.
(66% stake) , and also has a stake in Latviyas Gaze (16% through ITERA Latvia) and in Estonian gas-trading company Eesti Gas (9,85%)
, Belarus
and Georgia.
ITERA is engaged in various charity activities facilitating social programs, education, culture and sports development.
ITERA takes care of the environment. Gas production projects in the Far North
of Russia
are accompanied by nature protective measures to preserve and to protect the terrain, water basins, water bearing horizons and the atmosphere.
In order to coordinate charitable and sponsor activity of ITERA international group of companies, in April 2003 the Company Board of Directors made a decision to establish the Council on Charity and Sponsor Activities.
The Council main tasks are:
Flight of Hope, an ecological project of ITERA International Group of Companies, is holder of a prestigious prize.
A ceremony of prize distribution in the field of public relations PROBA-IPRA Golden World Awards – 2010 had taken place in the Hermitage Theatre
in St. Petersburg on December 3. The second place in the Best Social PR Project was taken by the Flight of Hope. This unique ecological program was intended to West Siberian
White Crane (Sterkh) entered in the Red Book
. Ornithologists and specialists of VNIIprirody (All Russia Scientific Research Institute for nature), Okskiy State Biosphere Reserve, as well as scientists from over a dozen countries of the world participate in this project. ITERA provides financial and information support to the project.
and abroad.
ITERA Group is a sponsor of the European Cycling Union. In March 2011, after negotiations, UEC President, Wojciech Walkiewicz, and the Chairman of Board of Directors ITERA Oil and Gas Company Ltd. and the President of Russian Cycling Federation in one person, Igor Viktorovich Makarov, have signed a contract for financial support till the end of 2011. There is possibility to prolong the contract for next years.
In Russia
ITERA is a long-term main sponsor of the Russian Cycling Federation
and one of the three key sponsors (together with Gazprom
and Rostechnologii) of Russian cycling teams – Katusha ProTour cycling team, ITERA-Katusha continental cycling team and two youth cycling teams ITERA-Katusha Under 21 and ITERA-Katusha Under 23
ProTour team Katusha is one of the best world cycling teams. In 2010 it topped first in the annual world team rating, having won such prestigious cycle races like Vuelta a Espana
and Vuelta Catalunya. Meanwhile, its leading rider, Joaquim Rodriguez, was the first in the final individual classification. In 2011 Katusha performed less effectively, however, already won the top of the podium at such races like Classica Sarda and Vuelta Burgos.
At the same time, ITERA-Katusha continental team did much better. According to UCI Europe Tour Ranking of July 27th, 2011, the team held the first place among continental teams of Europe with 863 points. The second continental team of the ranking – “Rabobank Continental team” from Holland, has a 90-points-gap, while "Loborika Favorite Team" from Croatia is 3rd, 336 points far from Itera-Katusha. At the moment, “Itera-Katusha” has 51 podium places in the UCI Europe Tour races, 20 of them – victories.
Among all teams, which take part in the UCI Europe Tour Ranking (19 professional continental teams and 80 continental teams, total – 99 teams), “Itera-Katusha” is still at 7th place, ahead of 12 big professional teams, among them: “Geox-TMC”, “Farnese-Vini”, “Colnago-CSF Inox”, “CCC Polsat Polkowice”, “Bretagne Schuller”, “Team Type 1” and “Topsport-Vlaanderen”.
ITERA Latvia is one of the major sponsors of Latvian hockey club “Dinamo Riga
”.
Project of a unique office building for the XXII Winter Olympic Games’ Organizing Committee and the XI Para-Olympic Games of 2014 in Sochi, which is being built by a developer subdivision of ITERA International Group of Companies, passed successfully the public ecological hearings and received positive conclusions by the State Ecological Expertise and the State Expertise of Project Documentation. Large-scale application of state-of-the-art technologies and equipment shall allow the Project for an award of BREEAM, an international ecological certificate.
The building Complex of Sochi-2014 Organizing Committee is located at the territory of the Olympic Park in the Imereti Plain. The Complex is to meet all standards of «green» construction based on safety standards and the impact of the building on the environment. Three side wings of the Office Complex with a total area of 43 thousand square meters reconcile architectural novations, innovative equipment and construction materials, an optimal energy saving system and the use of natural sources of energy. Roofing of a nine-story-building opens a view to the Olympic Games’ sites and as well as the area neighboring the building shall be fit with leisure zones in an exclusive landscaping.
The ITERA Group plan is to commission the facility in late 2012. OJSC Concern MonArch is a general contractor and designer of the Project worth over USD 130 million.
ITERA is one of the trustees of Saint Petersburg State Mining Institute (Technical University). It provides assistance in developing its educational and scientific base, preserving and renewing a group of historical buildings, repairing and constructing student dormitories, introducing innovative programs and technologies. There’s a specialized classroom that was equipped using the Company’s funds.
ITERA provides financial backing for constructing Moscow Management School, which is to become one of Europe’s most prestigious education establishments.
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
. Its core business primarily focuses on gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
and gas processing. Along with gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
, its numerous branches and subsidiaries also deal with energy
Energy
In physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
, oil extraction, civil construction, pipeline
Pipeline
-Science and industry:* Pipeline transport, a conduit made from pipes connected end-to-end for long-distance fluid transport* Plastic Pressure Pipe Systems, for fluid handling* Milking pipeline, used on a dairy farm to transport fluid milk...
and industrial engineering
Industrial engineering
Industrial engineering is a branch of engineering dealing with the optimization of complex processes or systems. It is concerned with the development, improvement, implementation and evaluation of integrated systems of people, money, knowledge, information, equipment, energy, materials, analysis...
, coal mining
Coal mining
The goal of coal mining is to obtain coal from the ground. Coal is valued for its energy content, and since the 1880s has been widely used to generate electricity. Steel and cement industries use coal as a fuel for extraction of iron from iron ore and for cement production. In the United States,...
, finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
and insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
.
ITERA is one of the key Russian independent producers and traders of natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
operating mainly in Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, the CIS
CIS
CIS usually refers to the Commonwealth of Independent States, a modern political entity consisting of eleven former Soviet Union republics.The acronym CIS may also refer to:-Organizations:...
countries and Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...
. Its business activities also cover several countries in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
, Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
and North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
. As a whole, ITERA has over 150 branches, representative offices, branches, and affiliated companies all over the world.
Being a big independent player on the Russian gas market, ITERA closely teams up with the Russian gas giant Gazprom
Gazprom
Open Joint Stock Company Gazprom is the largest extractor of natural gas in the world and the largest Russian company. Its headquarters are in Cheryomushki District, South-Western Administrative Okrug, Moscow...
on developing infrastructure to deliver gas condensate from production sites.
The company was originally started in the United States under the name Itera International Energy Corporation as a basic commodities trading company. In 1994, after a sale of sugar to the country of Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...
, Itera obtained rights to sell Turkmeni natural gas as payment for its sugar transaction. Itera began sales to the Ukraine of the Turkmeni gas in 1995 and, based on that success, continued to expand its natural gas trading activities throughout the former Soviet Union
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
, becoming the second largest seller of natural gas in the FSU in the late 1990s. Its subsidiary Itera USA provides representation for Itera Group projects in North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
, with corporate headquarters in Jacksonville, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
. Itera USA provides solutions in energy
Energy
In physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
, bioenergy
Bioenergy
Bioenergy is renewable energy made available from materials derived from biological sources. Biomass is any organic material which has stored sunlight in the form of chemical energy. As a fuel it may include wood, wood waste, straw, manure, sugarcane, and many other byproducts from a variety of...
, timber
Timber
Timber may refer to:* Timber, a term common in the United Kingdom and Australia for wood materials * Timber, Oregon, an unincorporated community in the U.S...
and real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
. Itera USA is purportedly at work on a project that would use new, patented technology to produce bioethanol and other specialty chemicals.
90's:Establishment
ITERA Group was established in 1992 as a trading companyTrading company
Trading companies are businesses working with different kinds of products which are sold for consumer, business or government purposes. Trading companies buy a specialized range of products, maintain a stock or a shop, and deliver products to customers....
, and two years later it started implementing its own gas-relating and gas-supplying projects within its subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
ITERA Oil & Gas Company, LLC. In the 1990s that Company successfully delivered big amounts of natural gas from Central Asian producers (in particular, Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...
) to CIS
CIS
CIS usually refers to the Commonwealth of Independent States, a modern political entity consisting of eleven former Soviet Union republics.The acronym CIS may also refer to:-Organizations:...
countries, like Ukraine
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
, Belarus
Belarus
Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,...
, Moldova
Moldova
Moldova , officially the Republic of Moldova is a landlocked state in Eastern Europe, located between Romania to the West and Ukraine to the North, East and South. It declared itself an independent state with the same boundaries as the preceding Moldavian Soviet Socialist Republic in 1991, as part...
, and Georgia
Georgia (country)
Georgia is a sovereign state in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the southwest by Turkey, to the south by Armenia, and to the southeast by Azerbaijan. The capital of...
, as well as to the Baltic States
Baltic states
The term Baltic states refers to the Baltic territories which gained independence from the Russian Empire in the wake of World War I: primarily the contiguous trio of Estonia, Latvia, Lithuania ; Finland also fell within the scope of the term after initially gaining independence in the 1920s.The...
. Thus, it gained sound reputation of a stable and reliable gas supplier.
Up to date, gas production and distribution remains core corporate business. However, ITERA’s geographic priorities gradually switched to Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
.
In the late 90s ITERA started gas business in Sverdlovsk Region
Sverdlovsk Oblast
Sverdlovsk Oblast is a federal subject of Russia located in the Urals Federal District. Its administrative center is the city of Yekaterinburg formerly known as Sverdlovsk. Population: -Geography:...
, a big industrial center and one of the broadest local energy markets of Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, and by now it became the sole gas supplier to the territory. ITERA actively penetrates into Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
and Perm
Perm
Perm is a city and the administrative center of Perm Krai, Russia, located on the banks of the Kama River, in the European part of Russia near the Ural Mountains. From 1940 to 1957 it was named Molotov ....
local markets as well.
Russian scandals: Asset stripping
The Russian state-controlled company GazpromGazprom
Open Joint Stock Company Gazprom is the largest extractor of natural gas in the world and the largest Russian company. Its headquarters are in Cheryomushki District, South-Western Administrative Okrug, Moscow...
conducted dubious transactions with Itera and a Gazprom/Itera joint-venture, Purgaz, in the late 1990s. Billions of dollars of Russian natural gas resources were transferred from Gazprom to Itera for artificially low prices and then sold to the markets by Itera, allegedly profiting Gazprom managers who were also beneficiaries of Itera.
Italian scandals: Mafia connections
Itera is being suspected to have business connections with the SicilianSicily
Sicily is a region of Italy, and is the largest island in the Mediterranean Sea. Along with the surrounding minor islands, it constitutes an autonomous region of Italy, the Regione Autonoma Siciliana Sicily has a rich and unique culture, especially with regard to the arts, music, literature,...
Cosa Nostra, a crime syndicate. Mafia Don Massimo Ciancimino stated in a 2005 deposition in Italian courts that he met up with Igor Makarov in Cortina d'Ampezzo
Cortina d'Ampezzo
Cortina d'Ampezzo is a town and comune in the southern Alps located in Veneto, a region in Northern Italy. Located in the heart of the Dolomites in an alpine valley, it is a popular winter sport resort known for its ski-ranges, scenery, accommodations, shops and après-ski scene...
, trying to organize a deal to use mob money to set up a gas distribution network to "broaden his business interests".
U.S. scandals: Curt Weldon
In March 2002, the U.S. Trade and Development Agency cancelled a $868,000 grant to Itera as questions were raised about its legitimacy. In May, Representative Curt WeldonCurt Weldon
Wayne Curtis "Curt" Weldon is an American politician. He served as a Republican member of the United States House of Representatives from 1987 to 2007, representing the 7th district of Pennsylvania. He was defeated in November 2006 for reelection by Joe Sestak. Weldon was vice-chair of the Armed...
led a congressional delegation to Russia and visited Itera. After his return, he publicly supported Itera's efforts. In the beginning of September of that year, Itera paid the expenses for a Weldon trip to NYC. The following week, Itera told Karen Weldon, the Congressman's daughter, it would sign a contract with her newly formed lobbying firm, Solutions North America, Inc. On September 24, Curt Weldon co-hosted an event at the Library of Congress honoring Itera's chairman. On September 26, Weldon gave a floor speech praising Itera. On September 30, SNA received a $500,000 annual contract with Itera, with $170,000 up front. In November, Itera paid for Karen to join Rep. Weldon on a trip to Eastern Europe and Russia. In January 2003, Itera opened U.S. offices in Jacksonville, Florida, and paid for Rep. Weldon to attend the opening.
1998-2011:Gas field development
In 1998 the Company launched its own production of natural gas in Yamalo-Nenets Autonomous District in Western Siberia. ITERA was the first private company to put gas fields into operation in the Far NorthFar North
Far North may refer to:* Far North , a part of Russia which lies beyond the Arctic Circle* Far North, Chile, one of the five natural regions of Chile according to CORFO...
of Russia: Gubkinskoye gas field (reserves of 399 BCM) in 1999, a gas deposit (reserves are 407 BCM) of Vostochno-Tarkosalinskoye field in 2001), and Beregovoye gas field (reserves are 325 BCM) in 2003. So by now eight gas fields are being developed both in Yamalo-Nenets Autonomous District and Irkutsk Region. By 2011, the total of over 235 BCM of natural gas has been produced in those fields.
In the last few years the Company invested over $2 billion
1000000000 (number)
1,000,000,000 is the natural number following 999,999,999 and preceding 1,000,000,001.In scientific notation, it is written as 109....
in new field development.
Construction, industrial engineering & electric power development
GasGas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
and oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
is a substantial but not unique part of ITERA's business.
Since the mid-2000s ITERA is being deeply involved in civil construction
Civil engineering
Civil engineering is a professional engineering discipline that deals with the design, construction, and maintenance of the physical and naturally built environment, including works like roads, bridges, canals, dams, and buildings...
and industrial engineering
Industrial engineering
Industrial engineering is a branch of engineering dealing with the optimization of complex processes or systems. It is concerned with the development, improvement, implementation and evaluation of integrated systems of people, money, knowledge, information, equipment, energy, materials, analysis...
. With its own capacities the Company successfully carried out and keeps implementing several big construction projects in Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, Belarus
Belarus
Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,...
and Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...
. Among them are an Office Complex for an Organizing Committee of the Winter Olympic Games
Winter Olympic Games
The Winter Olympic Games is a sporting event, which occurs every four years. The first celebration of the Winter Olympics was held in Chamonix, France, in 1924. The original sports were alpine and cross-country skiing, figure skating, ice hockey, Nordic combined, ski jumping and speed skating...
Sochi
Sochi
Sochi is a city in Krasnodar Krai, Russia, situated just north of Russia's border with the de facto independent republic of Abkhazia, on the Black Sea coast. Greater Sochi sprawls for along the shores of the Black Sea near the Caucasus Mountains...
2014, a skyscraper and a business center in Minsk
Minsk
- Ecological situation :The ecological situation is monitored by Republican Center of Radioactive and Environmental Control .During 2003–2008 the overall weight of contaminants increased from 186,000 to 247,400 tons. The change of gas as industrial fuel to mazut for financial reasons has worsened...
, a big project of a country house settlement in Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
Region, sport facilities and pipelines in Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...
and Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, and some others.
Electric power is becoming another 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. Thus, the Region will receive not only electric power it needs so badly, but also additional jobs.
The Company’s upcoming plans also include construction (based on Danish technology) of a gas and petrochemical complex to produce 600 thousand tons of methanol a year in the Urals.
Itera has secured a five-year syndicated loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
worth $325 million, the company said on Monday. The loan, paying interest of three-month LIBOR plus 4.5 percent, will be used to refinance other loans. Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
, Gazprombank
Gazprombank
Gazprombank is the largest Russian non-state owned bank, which is among the three largest banks in Russia. It is a joint stock bank founded in 1990. The bank is owned by the Russian gas company Gazprom, which controls 62.59% of shares directly and also retains shares through its subsidiaries...
, Raiffeisen Bank and UniCredit
UniCredit
UniCredit SpA is an Italy-based, pan-European banking organization, with aprox 40 million customers and operations in 22 countries.- Geography :...
Bank make up the pool of lenders.
Executives
Igor Viktorovich Makarov, Chairman of Board of Directors ITERA Oil and Gas Company Ltd.Born in Ashgabat (Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...
) in 1962. Mr. Makarov graduated from Turkmen State University in 1983, and then served in the army. He was a member of the USSR national cycling team, champion and prizewinner of the all-Union (USSR) and international cycling competitions. Mr. Makarov is also a Master of Sports of International Class.
He started his business in the late 1980's and received excellent managing experience from a small production and trading company to a large international corporation.
Mr. Makarov heads ITERA since its foundation in 1992.
Being a successful businessman, Mr. Makarov preserved his young enthusiasm for professional sport. He actively supports and sponsors Russian national cycling movement. Thus, in mid-2010 he was elected as President of the Federation of Cycling Sport of Russia (FCSR) and in March 2011 Makarov became a member of the Management Committee of the International Cycling Union, UCI
UCI
UCI usually refers to the Union Cycliste Internationale, the world governing body for the sport of cycling.UCI may also refer to:* United Cinemas International* United Kennel Clubs International...
.
He is decorated with state awards of different countries for significant contribution to developing economic relations and strengthening friendship and cooperation between the peoples. Among the awards are the Order of Friendship of Peoples
Order of Friendship of Peoples
The Order of Friendship of Peoples was an order of the Soviet Union, and was awarded to persons , organizations, enterprises, military units, as well as administrative subdivisions of the USSR for accomplishments in strengthening of inter-ethnic and international friendship and cooperation, for...
and the Medal of Francisk Scorina (state awards of Belarus
Belarus
Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,...
), the Friendship Medal (state award of Mongolia
Mongolia
Mongolia is a landlocked country in East and Central Asia. It is bordered by Russia to the north and China to the south, east and west. Although Mongolia does not share a border with Kazakhstan, its western-most point is only from Kazakhstan's eastern tip. Ulan Bator, the capital and largest...
), the Order "Gloria Muncii" (Labor Glory) (the state award of the Republic of Moldova), as well as the Order of Holy Faithful Prince Daniel of Moscow and Innokenty the Sanctifier Metropolitan of Moscow and Kolomna, 3rd Class of the Russian Orthodox Church, the Order of Saint Sergius of Radonezh, 3rd Class of the Russian Orthodox Church, Honorary Reward "Аkinfy Nikitich Demidov" of the International Demidov's Foundation.
Vladimir Makeev, General Director
General Director
In CIS corporate governance, the general director is the highest executive position in a company, analogous to a US CEO or a UK managing director...
and Chairman of the Management Board of ITERA Oil and Gas Company, LLC.
Vladimir Makeev was born in Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
in 1948.
He has started his working career in 1966 as an engineer at the Central Scientific Research Institute for Machine Building Technology with the Ministry of Energy, USSR.
As of 1976 through 1981 he held executive positions at Proletarsky district CPSU committee of Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
.
As of 1981 he became a chief expert member of Tekhmashimport foreign trade association.
In 1983 he became a chief expert of the USSR Trade Representation in Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
.
As of 1985 through 1991 he held executive positions in the Foreign Trade Ministry and Ministry of Foreign Economic Relations of the USSR.
In 1991 he became a Deputy Trade Representative of the Russian Federation in the Republic of Cyprus
Cyprus
Cyprus , officially the Republic of Cyprus , is a Eurasian island country, member of the European Union, in the Eastern Mediterranean, east of Greece, south of Turkey, west of Syria and north of Egypt. It is the third largest island in the Mediterranean Sea.The earliest known human activity on the...
.
In 1993 he became a General Director of Mosnikos Investments Ltd. Investment Company.
Starting in 1997 he became a Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Omrania Trading Ltd and ITERA International Energy L.L.C.
In 2006 he was appointed a General Director
General Director
In CIS corporate governance, the general director is the highest executive position in a company, analogous to a US CEO or a UK managing director...
and Chairman of the Management Board of ITERA Oil and Gas Company, LLC.
In 1972 he graduated from All-Union Machine Building Institute, in 1983 he graduated from All-Union Academy of Foreign Trade.
2010
the Company increased the 2010 net profit under IASInternational Financial Reporting Standards
International Financial Reporting Standards are principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board ....
by 42.7 percent up to US$ 226.9 million.
Net sales amounted to US$ 1.6 billion compared to US$ 1.15 billion in the previous year, natural gas sales were RUR 1.58 billion (compared to RUR 1.13 billion in the previous year).
The Company’s gross profit increased up to US$ 435.9 million from US$ 294 million in 2009, operating expenses amounted to US$ 151 million compared to US$ 145.8 million, operating profit increased up to US$ 285 million from US$ 148.6 million in the previous year.
The Company’s profit before taxation reached US$ 270.18 million (US$ 199 million in 2009).
Yamalo-Nenets Autonomous District
Yamalo-Nenets Autonomous District is a major region for production activity of ITERA. The Company proceeded to implementation of natural gasNatural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
production projects in Yamalo-Nenets Autonomous District in 1998.
A year later, Gubkinskoe gas field was put into commercial operation and further on, after a year, a gas field of Vostochno-Tarkosalinskoye deposit was put into commercial service.
In 2003, ITERA put into commercial operation Beregovoye gas field.
ITERA International Group of Companies participates in commercial operation of gas fields and development of hydrocarbons fields in Yamalo-Nenets Autonomous District with the aggregate reserves of 510 billion cu m of gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
, over 2 million tons of gas condensate and 7 million tons of oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
.
ITERA takes part in gasification of settlements and towns of Yamalo-Nenets Autonomous District, contributes to implementation of social programs in the District.
Sverdlovsk Region
Sverdlovsk RegionSverdlovsk Oblast
Sverdlovsk Oblast is a federal subject of Russia located in the Urals Federal District. Its administrative center is the city of Yekaterinburg formerly known as Sverdlovsk. Population: -Geography:...
ranks the 2nd industrial and 5th populous region in Russian Federation. That makes it one of the biggest and most attractive local gas markets in the country.
ITERA has been operating in Sverdlovsk Region
Sverdlovsk Oblast
Sverdlovsk Oblast is a federal subject of Russia located in the Urals Federal District. Its administrative center is the city of Yekaterinburg formerly known as Sverdlovsk. Population: -Geography:...
since 1999; at the moment the Company satisfies around 80% of regional needs in natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
. The supplies are effected through ZAO Uralsevergaz, an ITERA subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
, in the amount of about 17 BCM a year.
In 2003, ITERA and the Government of Sverdlovsk Region
Sverdlovsk Oblast
Sverdlovsk Oblast is a federal subject of Russia located in the Urals Federal District. Its administrative center is the city of Yekaterinburg formerly known as Sverdlovsk. Population: -Geography:...
have concluded an agreement on cooperation for the period of 2004 through 2008, pursuant to which ITERA will deliver 88 BCM of gas to consumers of the Region for this period. In 2008 and 2011 this agreement was prolonged and vastly extended for further development of bilateral cooperation. According to 2011 agreement extension, ITERA and Uralsevergaz shall ensure construction of gas-boiler houses, connection gas pipelines between settlements and distribution gas pipelines in 2011 – 2015. This construction shall be accomplished in line with the Investment Program for 2011 – 2015 and the Master Plan for Gas Supply and Installation of Gas Service in Sverdlovsk Region
Sverdlovsk Oblast
Sverdlovsk Oblast is a federal subject of Russia located in the Urals Federal District. Its administrative center is the city of Yekaterinburg formerly known as Sverdlovsk. Population: -Geography:...
. The Investment Plan covers 24 towns and municipalities. It envisions construction and reconstruction of 66 heat generators with a capacity of 260 mW including feeder gas pipelines with a length of about 21 km, as well as construction of about 81 km of distribution gas pipelines. The Investment Program implemented by ITERA Oil and Gas Company and CJSC Uralsevergaz and CJSC Regiongaz-invest (Regional Gas Investment), its subsidiary companies, is worth Rub. 1.62 billion.
Irkutsk Region
Itera's key capital assets are concentrated in BratskBratsk
Bratsk is a city in Irkutsk Oblast, Russia, located on the Angara River near the vast Bratsk Reservoir. Population: Although the name sounds like the Russian word for 'brother' , it actually comes from 'bratskiye lyudi', an old name for the Buryats.-History:The first Europeans in the area arrived...
, a city northwards from Irkutsk
Irkutsk
Irkutsk is a city and the administrative center of Irkutsk Oblast, Russia, one of the largest cities in Siberia. Population: .-History:In 1652, Ivan Pokhabov built a zimovye near the site of Irkutsk for gold trading and for the collection of fur taxes from the Buryats. In 1661, Yakov Pokhabov...
, where Bratsk
Bratsk
Bratsk is a city in Irkutsk Oblast, Russia, located on the Angara River near the vast Bratsk Reservoir. Population: Although the name sounds like the Russian word for 'brother' , it actually comes from 'bratskiye lyudi', an old name for the Buryats.-History:The first Europeans in the area arrived...
gas condensate field is located. The field is operated by the partnership Bratskekogaz formed by the city authorities and ITERA Oil & Gas Company, with stakes 21,1% and 78,9% respectively. The field’s proven reserves are estimated at a level of 10,7 billion cubic meters of gas and 820 thousand tons of condensate. Project output exceeds 400 million cubic meters.
The license for Bratskoe gas-condensate field is valid till December 31, 2039.
Orenburg Region
Through its fully owned subsidiary Jupiter-A Company, ITERA Oil & Gas Company, LLC., owns a license to develop Tverdilovskoye field located in Orenburg Region. The field’s recoverable resources are estimated at 4470 thousand tons of oil and 580 million cu m of associated gas. A license for this field is valid till December 31, 2037.Nizhny Novgorod Region
In the Region the Company is constructing of a steam-gas power cogeneration plant with a capacity of 900 mW in Nizhny Novgorod Region. The plant will produce electric power and also create additional jobs.Malkinsky quarry
The Malkinsky quarryQuarry
A quarry is a type of open-pit mine from which rock or minerals are extracted. Quarries are generally used for extracting building materials, such as dimension stone, construction aggregate, riprap, sand, and gravel. They are often collocated with concrete and asphalt plants due to the requirement...
, located in Stavropol Region, is amongst the largest quarries in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
with production capacity exceeding 1 million cubic meters of crushed stone
Crushed stone
Crushed stone or angular rock is a form of construction aggregate, typically produced by mining a suitable rock deposit and breaking the removed rock down to the desired size using crushers...
, sand
Sand
Sand is a naturally occurring granular material composed of finely divided rock and mineral particles.The composition of sand is highly variable, depending on the local rock sources and conditions, but the most common constituent of sand in inland continental settings and non-tropical coastal...
, and gravel
Gravel
Gravel is composed of unconsolidated rock fragments that have a general particle size range and include size classes from granule- to boulder-sized fragments. Gravel can be sub-categorized into granule and cobble...
per year. The Open Joint Stock Company "Stavropolstroynerud", with a 72% share owned by ITERA, develops the quarry.
Modern equipment and facilities of the industrial complex place Malkinsky quarry among the most advanced Russian enterprises of the construction industry.
Zabaykalsky Krai
Since 2008 ITERA Group of Companies, through its subsidiary Arkticheskiye razrabotki, develops Apsatskoe mineral coal mine, one of the largest in RussiaRussia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, in Zabaykalsky Krai. In mid-2010 the drilling process, aimed at prospect evaluation of potential reserves, has started. It is planned to finish undiscovered potential assessment in 2012, to enter its reserves in the state coal balance in 2016, and to start production of metallurgical coal in 2017, at the latest. The total expenditure on exploration is Rub. 700 million.
Development of Apsatskoe coal mine is to boost local economy and provide necessary raw materials for metallurgical plants home and abroad.
Turkmenistan
ITERA has been actively working with TurkmenistanTurkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...
since its foundation in 1992. Originally, bilateral cooperation exclusively concentrated on gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
and energy
Energy
In physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
sphere. In the 90s, being a major importer of Turkmen gas, the Company delivered hydrocarbons to other CIS
CIS
CIS usually refers to the Commonwealth of Independent States, a modern political entity consisting of eleven former Soviet Union republics.The acronym CIS may also refer to:-Organizations:...
consumers (like Ukraine
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
and Belarus
Belarus
Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,...
) covering a substantial part of their energy needs. In the 21st century the parties vastly diversified their projects and switched from gas trading in favor of industrial engineering, civil construction and oil and gas field exploration.
In 2010 ITERA finished construction of Central Kara Kum – CS Yilanly gas pipeline 198.5 km length. This pipeline allows transporting up to three billion meters of natural gas a year to the CIS
CIS
CIS usually refers to the Commonwealth of Independent States, a modern political entity consisting of eleven former Soviet Union republics.The acronym CIS may also refer to:-Organizations:...
and world markets.
At present ITERA, together with Zarubezhneft
Zarubezhneft
JSC Zarubezhneft is a Russian state-controlled oil company based in Moscow that specializes in exploration, development and operation of oil and gas fields outside Russian territory....
, is carrying out a big joint project on developing hydrocarbons in the 21st block of the Turkmen sector in the Caspian Sea
Caspian Sea
The Caspian Sea is the largest enclosed body of water on Earth by area, variously classed as the world's largest lake or a full-fledged sea. The sea has a surface area of and a volume of...
. The total expenditure of this project is estimated at USD 6 billion. According to the forecast, the reserves of this block are 219 million tons of oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
, 100 billion cubic meters of natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
and 92 billion of cubic meters of associated gas. ZARIT Project (the concern, which includes Zarubezhneft
Zarubezhneft
JSC Zarubezhneft is a Russian state-controlled oil company based in Moscow that specializes in exploration, development and operation of oil and gas fields outside Russian territory....
, Rosneft
Rosneft
Rosneft is an integrated oil company majority owned by the Government of Russia. Rosneft is headquartered in Moscow’s Balchug district near the Kremlin, across the Moskva river...
and ITERA) is also promising. It is to develop sea blocks 29-30-31 of the Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...
sector of the Caspian Sea
Caspian Sea
The Caspian Sea is the largest enclosed body of water on Earth by area, variously classed as the world's largest lake or a full-fledged sea. The sea has a surface area of and a volume of...
.
ITERA contributes a lot to the social infrastructure of the country. Under its assistance, big sport and recreation facilities were constructed, in particular a ten-thousand-seat stadium in Turkmenabat
Türkmenabat
Türkmenabat , formerly and since the medieval times, Chardzhou , also spelled Çärjew, Chardjui, Charjou, Chardzhev, Charjev, Chärjew, or Charjew , ancient Amul, is a town in Turkmenistan, capital of Lebap Province...
, two large hippodromes in Lebap and Balkan velayats (provinces) of Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...
In the near future a comfortable hotel in Avaza recreation zone is due to be started.
Belarus
For many years BelarusBelarus
Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,...
remains a significant market for ITERA. The Company carries out a number of big infrastructure projects in the country. Among them are Minsk-City, a mega complex, and a Business Center with Parus (a Sail) apartment skyscraper.
The United States
ITERA has been actively working in the American market since 1992. Its individual branch, ITERA USA, headquarters in Jacksonville, and operates in TexasTexas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
, Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, Mississippi
Mississippi
Mississippi is a U.S. state located in the Southern United States. Jackson is the state capital and largest city. The name of the state derives from the Mississippi River, which flows along its western boundary, whose name comes from the Ojibwe word misi-ziibi...
, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
, and Louisiana
Louisiana
Louisiana is a state located in the southern region of the United States of America. Its capital is Baton Rouge and largest city is New Orleans. Louisiana is the only state in the U.S. with political subdivisions termed parishes, which are local governments equivalent to counties...
ITERA USA primarily focuses on oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
and real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
along with renewable energy sources, chemicals and bioenergy
Bioenergy
Bioenergy is renewable energy made available from materials derived from biological sources. Biomass is any organic material which has stored sunlight in the form of chemical energy. As a fuel it may include wood, wood waste, straw, manure, sugarcane, and many other byproducts from a variety of...
technologies. The Company’s divisions also deal with building convenience stores and shopping centers throughout the USA.
Since 2003 the Company has been producing and processing hydrocarbon
Hydrocarbon
In organic chemistry, a hydrocarbon is an organic compound consisting entirely of hydrogen and carbon. Hydrocarbons from which one hydrogen atom has been removed are functional groups, called hydrocarbyls....
raw material in Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
and Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
; in 2008 ITERA USA put into operation a bioethanol refinery in Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
. The construction of the same facility in Louisiana
Louisiana
Louisiana is a state located in the southern region of the United States of America. Its capital is Baton Rouge and largest city is New Orleans. Louisiana is the only state in the U.S. with political subdivisions termed parishes, which are local governments equivalent to counties...
is planned as well.
Armenia
The Company expands its activity in other Trans-Caucasus Republics, and ArmeniaArmenia
Armenia , officially the Republic of Armenia , is a landlocked mountainous country in the Caucasus region of Eurasia...
draws particular attention of ITERA. At present the Group examines a project of construction of a high-level sports center on the Lake Sevan
Lake Sevan
Lake Sevan is the largest lake in Armenia and the Caucasus region. It is one of the largest high-altitude lakes in the world.Lake Sevan is situated in the central part of the Republic of Armenia, inside the Gegharkunik Province, at the altitude of 1,900m above sea level...
, various investment opportunities in tourism, trade and sports, along with development of city infrastructure of Yerevan
Yerevan
Yerevan is the capital and largest city of Armenia and one of the world's oldest continuously-inhabited cities. Situated along the Hrazdan River, Yerevan is the administrative, cultural, and industrial center of the country...
, Armenia’s capital.
The Baltic States
For several years ITERA Group of Companies operates in the Baltic gas market acting as a gas trader. Gas trade is carried out through its subsidiary firms and local gas companies. ITERA has full control over its subsidiary, ITERA LatviaLatvia
Latvia , officially the Republic of Latvia , is a country in the Baltic region of Northern Europe. It is bordered to the north by Estonia , to the south by Lithuania , to the east by the Russian Federation , to the southeast by Belarus and shares maritime borders to the west with Sweden...
(66% stake) , and also has a stake in Latviyas Gaze (16% through ITERA Latvia) and in Estonian gas-trading company Eesti Gas (9,85%)
ITERA and the Community
The Company’s production projects allowed to create a few thousands of new jobs in RussiaRussia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, Belarus
Belarus
Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,...
and Georgia.
ITERA is engaged in various charity activities facilitating social programs, education, culture and sports development.
ITERA takes care of the environment. Gas production projects in the Far North
Far North
Far North may refer to:* Far North , a part of Russia which lies beyond the Arctic Circle* Far North, Chile, one of the five natural regions of Chile according to CORFO...
of Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
are accompanied by nature protective measures to preserve and to protect the terrain, water basins, water bearing horizons and the atmosphere.
In order to coordinate charitable and sponsor activity of ITERA international group of companies, in April 2003 the Company Board of Directors made a decision to establish the Council on Charity and Sponsor Activities.
The Council main tasks are:
- To identify basic charity and sponsor activities;
- To draw up recommendations for justified and objective provision of grants for socially significant charity projects. To identify basic charity and sponsor activities;
- To draw up recommendations for justified and objective provision of grants for socially significant charity projects.
Flight of Hope, an ecological project of ITERA International Group of Companies, is holder of a prestigious prize.
A ceremony of prize distribution in the field of public relations PROBA-IPRA Golden World Awards – 2010 had taken place in the Hermitage Theatre
Hermitage Theatre
The Hermitage Theatre in Saint Petersburg, Russia is one of five Hermitage buildings lining the Palace Embankment of the Neva River.The palatial theatre was built between 1783 and 1787 at the behest of Catherine the Great to a Palladian design by Giacomo Quarenghi...
in St. Petersburg on December 3. The second place in the Best Social PR Project was taken by the Flight of Hope. This unique ecological program was intended to West Siberian
West Siberian
West Siberian can refer to:* West Siberian Plain, the world's largest unbroken lowland* West Siberian economic region, one of twelve economic regions of Russia* West Siberian Glacial Lake, a periglacial lake formed approximately 80,000 years ago...
White Crane (Sterkh) entered in the Red Book
Red Book
Red Book, Redbooks, Little Red Book or Big Red Book may refer to:- Political or ideological pamphlets :* The Little Red Book, the name commonly known in the West for the pocket-size edition of Quotations from Chairman Mao Tse-Tung...
. Ornithologists and specialists of VNIIprirody (All Russia Scientific Research Institute for nature), Okskiy State Biosphere Reserve, as well as scientists from over a dozen countries of the world participate in this project. ITERA provides financial and information support to the project.
Sponsorship
ITERA Group of Companies is a big protagonist of cycling and strongly supports this sport both in RussiaRussia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
and abroad.
ITERA Group is a sponsor of the European Cycling Union. In March 2011, after negotiations, UEC President, Wojciech Walkiewicz, and the Chairman of Board of Directors ITERA Oil and Gas Company Ltd. and the President of Russian Cycling Federation in one person, Igor Viktorovich Makarov, have signed a contract for financial support till the end of 2011. There is possibility to prolong the contract for next years.
In Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
ITERA is a long-term main sponsor of the Russian Cycling Federation
Russian Cycling Federation
The Russian Cycling Federation or ФВСР is the national governing body of cycle racing in Russia. Its headquarters are located in Moscow....
and one of the three key sponsors (together with Gazprom
Gazprom
Open Joint Stock Company Gazprom is the largest extractor of natural gas in the world and the largest Russian company. Its headquarters are in Cheryomushki District, South-Western Administrative Okrug, Moscow...
and Rostechnologii) of Russian cycling teams – Katusha ProTour cycling team, ITERA-Katusha continental cycling team and two youth cycling teams ITERA-Katusha Under 21 and ITERA-Katusha Under 23
ProTour team Katusha is one of the best world cycling teams. In 2010 it topped first in the annual world team rating, having won such prestigious cycle races like Vuelta a Espana
Vuelta a España
The Vuelta a España is a three-week road bicycle racing stage race that is one of the three "Grand Tours" of Europe and part of the UCI World Ranking calendar. The race lasts three weeks and attracts cyclists from around the world. The race is broken into day-long segments, called stages...
and Vuelta Catalunya. Meanwhile, its leading rider, Joaquim Rodriguez, was the first in the final individual classification. In 2011 Katusha performed less effectively, however, already won the top of the podium at such races like Classica Sarda and Vuelta Burgos.
At the same time, ITERA-Katusha continental team did much better. According to UCI Europe Tour Ranking of July 27th, 2011, the team held the first place among continental teams of Europe with 863 points. The second continental team of the ranking – “Rabobank Continental team” from Holland, has a 90-points-gap, while "Loborika Favorite Team" from Croatia is 3rd, 336 points far from Itera-Katusha. At the moment, “Itera-Katusha” has 51 podium places in the UCI Europe Tour races, 20 of them – victories.
Among all teams, which take part in the UCI Europe Tour Ranking (19 professional continental teams and 80 continental teams, total – 99 teams), “Itera-Katusha” is still at 7th place, ahead of 12 big professional teams, among them: “Geox-TMC”, “Farnese-Vini”, “Colnago-CSF Inox”, “CCC Polsat Polkowice”, “Bretagne Schuller”, “Team Type 1” and “Topsport-Vlaanderen”.
ITERA Latvia is one of the major sponsors of Latvian hockey club “Dinamo Riga
Dinamo Riga
Dinamo Riga was an ice hockey club, based in Riga, Latvia. It was founded in 1946 and disestablished in 1995 as Pārdaugava Rīga.-History of Dinamo Riga:...
”.
Project of a unique office building for the XXII Winter Olympic Games’ Organizing Committee and the XI Para-Olympic Games of 2014 in Sochi, which is being built by a developer subdivision of ITERA International Group of Companies, passed successfully the public ecological hearings and received positive conclusions by the State Ecological Expertise and the State Expertise of Project Documentation. Large-scale application of state-of-the-art technologies and equipment shall allow the Project for an award of BREEAM, an international ecological certificate.
The building Complex of Sochi-2014 Organizing Committee is located at the territory of the Olympic Park in the Imereti Plain. The Complex is to meet all standards of «green» construction based on safety standards and the impact of the building on the environment. Three side wings of the Office Complex with a total area of 43 thousand square meters reconcile architectural novations, innovative equipment and construction materials, an optimal energy saving system and the use of natural sources of energy. Roofing of a nine-story-building opens a view to the Olympic Games’ sites and as well as the area neighboring the building shall be fit with leisure zones in an exclusive landscaping.
The ITERA Group plan is to commission the facility in late 2012. OJSC Concern MonArch is a general contractor and designer of the Project worth over USD 130 million.
Support for science and education
ITERA has signed an agreement with Russian Gubkin Oil and Gas State University. According to the agreement, ITERA provides grants to the best-performing students. The Company also finances a number of scientific projects, and assists in technical equipment of the curricula.ITERA is one of the trustees of Saint Petersburg State Mining Institute (Technical University). It provides assistance in developing its educational and scientific base, preserving and renewing a group of historical buildings, repairing and constructing student dormitories, introducing innovative programs and technologies. There’s a specialized classroom that was equipped using the Company’s funds.
ITERA provides financial backing for constructing Moscow Management School, which is to become one of Europe’s most prestigious education establishments.