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Thursday, March 26, 2009

Russian gas producer Itera to drop some foreign projects

MOSCOW, March 26, 2009 (RIA Novosti) - Russian independent natural gas producer Itera plans to give up some foreign projects to focus on the development of its business in Russia, a company spokesman said on Thursday. Itera earlier sold its 4% stake in ArmRosGazprom, which supplies gas to Armenia, to energy giant Gazprom. In addition, Suntera Canada, founded by Itera and SUN Energy (India), has quit the Canadian Maple LNG project, selling its 40% stake to the Dutch 4Gas BV. "Our position is to concentrate investment on the expansion and development of the gas resources base in Russia and the implementation of energy projects in the Sverdlovsk [Urals] and Nizhny Novgorod [Volga area] Regions," the spokesman said. Itera also plans to give up its projects in Africa and Moldova but will continue its programs in energy-rich Turkmenistan and also in Belarus, the spokesman said.

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