Itera Oil and Gas Company Ltd.
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| Private | |
| Industry | Oil and gas |
| Founded | 1992 |
| Headquarters | Moscow, Russia |
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Number of locations
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Russia, Cyprus |
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Area served
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Commonwealth of Independent States |
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Key people
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Igor Makarov (Chairman) Vladimir Makeev (General Director) |
| Products | Natural gas Petroleum |
| Services | Gas Pipeline Transport |
| Website | www |
ITERA International Group of Companies controlled by Russian businessman Igor Makarov headquartered in Moscow, Russia, with parent companies of the group registered in Cyprus (In 2015 ITERA International Group of Companies was transferred to ARETI International Group as a result of rebranding). Its subsidiaries are involved in the energy industry, civil and industrial engineering, and finance and insurance. The company operates primarily in Russia, the Commonwealth of Independent States (CIS) countries and Latvia. In 2013, its main subsidiary Itera Oil & Gas Company—was acquired by Russian state-controlled oil company Rosneft.
Itera Group was established in 1992 in the United States under the name Itera International Energy Corporation as a basic commodities trading company. In 1994, it obtained the rights to sell Turkmeni natural gas as payment for its sugar transaction and started implementing gas-related projects within its subsidiary Itera Oil & Gas Company, LLC. In 1995, Itera began selling Turkmeni gas to Ukraine, Belarus, Moldova, and Georgia, as well as to the Baltic States. In the late 1990s, Itera began gas business in Sverdlovsk Region, followed by the Moscow and Perm regions.
In 1998, Itera launched production of natural gas in Yamalo-Nenets Autonomous Okrug in Western Siberia. It was the first private company to put gas fields into operation in the Far North of Russia: the Gubkinskoye gas field with reserves of 399 billion cubic metres (14.1 trillion cubic feet) in 1999; the with reserves of 407 billion cubic metres (14.4 trillion cubic feet) in 2001; and the Beregovoye field with reserves of 325 billion cubic metres (11.5 trillion cubic feet) in 2003. In 2002, there was an agreement to merge the newly created gas company Novatek with Itera, but the deal was cancelled.
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