Saturday, April 29, 2006
Itera gas group net profit rises 35% in 1Q 2006
MOSCOW, April 28 (RIA Novosti) - Itera, Russia's No.1 independent gas producer, said Friday its net profits had increased 35.73% in 1Q 2006 against 4Q 2005 to 532,816,000 rubles ($19.5 million). Itera has produced natural gas in the Yamalo-Nenets Autonomous Area in West Siberia since 1998. The Company has invested over $1 billion in the gas industry. Itera is the world's fourth largest natural gas company in terms of reserves. It holds a virtual monopoly on gas trading in two key former Soviet republics, Georgia and Ukraine, which lie at the gateway to western European energy markets. The company is also an increasingly important player in the energy-rich Caspian Sea region. Itera plans an initial public offering of its shares in 2007.