The Board of Directors of the Joint Venture of Rosneft and ITERA Elected Governing Bodies of the Company

The Board of Directors of the Joint Venture of Rosneft and ITERA Elected 
Governing Bodies of the Company 
MOSCOW -- (Marketwired) -- 04/03/13 --  The Board of Directors'
meeting of ITERA Oil and Gas Company, LLC, a joint venture
established in the summer of 2012 by Rosneft and ITERA International
Group of Companies (ITERA IGC), was recently held. Issues related to
the election of Chairman and Deputy Chairman of the Board of
Directors of the joint venture, the termination of powers of the
General Director and members of the Management Board, and the
election of a new General Director and members of the Management
Board were considered. Igor Makarov, President of ITERA Group, LLC,
was elected Chairman of ITERA Oil and Gas Company; Edward
Khudaynatov, First Vice President of Oil Company Rosneft, was elected
Deputy Chairman of the Company's Board of Directors. 
The Board of Directors also decided to appoint Edward Khudaynatov as
the new General Director and as the Chairman of the Management Board
of the new joint venture. Vladimir Makeyev retained the office of a
member of the Board of Directors of ITERA Oil and Gas Company and the
First Vice President of ITERA Group, LLC, but was relieved of the
duty of the General Director of ITERA Oil and Gas Company. The Board
of Directors of ITERA Oil and Gas Company approved the new Management
Board of the Company. It includes Sergey Vorobyev, who was appointed
the First Deputy General Director; Boris Urasinov, who was appointed
the Chief Engineer; and Gennady Skidanov, who retained the office of
the Commercial Director. Mrs. Valeria Bredikhina was appointed the
Chief Accountant, and Sergey Lobachov was appointed the Financial
Director. Vladislav Ilchuk, who was the Chief of the Legal Department
of ITERA Oil and Gas Company, and Tatyana Korotkova who was the Chief
Accountant of ITERA Oil and Gas Company, retained similar offices
with ITERA Group, LLC.  
Igor Makarov, Chairman of the Board of Directors of ITERA Oil and Gas
Company, stated: "The main objective of Rosneft and ITERA, partners
in the Joint Venture, is to create a flagship for the Russian natural
gas market. Today, thanks to the scale of the business of Rosneft and
the knowledge of the gas market possessed by the team of ITERA Oil
and Gas Company,
 we have many resources to achieve our objectives. I
am glad we are beginning to achieve efficient results as we move
forward."  
Rosneft is the leader of the Russian oil industry, and the world's
largest public oil and gas company. The principal activities of
Rosneft include exploration and production of oil and gas, as well as
production and marketing of oil products and petrochemicals. The
Company is aggressively implementing large-scale investment projects,
developing new markets, and creating global energy-related
partnerships. 
ITERA International Group of Companies (ITERA IGC) is a vertically
integrated holding company owned by Igor Makarov, a Russian
businessman. The Group unites dozens of enterprises and companies in
the CIS and Baltic countries, Western Europe, Asia, and the USA.
Natural gas production and distribution has been a core business of
ITERA since its inception in 1992. 
ITERA Oil and Gas Company, LLC, is a joint venture of Rosneft, with a
51% stake, and ITERA International Group of Companies, with a 49%
stake; it is one of the largest independent producers and sellers of
natural gas in Russia. The Company has been developing its own
production of gas in the Yamalo-Nenets Autonomous District since
1998. The Company has invested over US $2 billion in development of
the gas industry. Overall, over 265 billion cubic meters of gas has
been produced in gas fields developed by Itera. The total volume of
gas sold is about 600 billion cubic meters. Itera's strategic
businesses are also reaching into development, biochemical and power
generating segments.  
Press Service 
ITERA International Group of Companies
Ph.: +7 (495) 411-8631
www.itera.ru
pr@itera.ru 
 
 
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