RUSSIAN GAS PRODUCER ITERA TO DROP SOME FOREIGN PROJECTS

RIA Novosti
14:02 | 26/ 03/ 2009

MOSCOW, March 26 (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.