MOSCOW, January 20, 2015 /PRNewswire/ —

In view of occasional publications in foreign and certain Russian mass media that wrongly reflect situation around ITERA International Group of Companies (ITERA IGC), particularly in respect of its shareholding structure, ITERA IGC would like to present once again the international business community and all interested structures with the correct information to that matter.

After completion of an arm’s length transaction on selling a 100% shareholding with ITERA Oil and Gas Company (ITERA OGC) (that Company being a part of ITERA IGC) to Rosneft Oil Company, all gas assets of ITERA OGC went under full control of that state company.

Thus, at this point in time, ITERA International Group of Companies is a group of companies with an entirely private capital controlled by Igor Makarov, a Russian businessman, and which is in no way affiliated with ITERA Oil and Gas Company, a subsidiary of the state owned Rosneft Oil Company.

Because in result of the above-mentioned commercial transaction the two absolutely different and independent from each other structures with similar names such as ITERA IGC and ITERA OGC are present in the market, the first of them declares its intention to accomplish the re-branding. It will allow for avoiding wrongful considerations about both entities and give ITERA International Group of Companies a new development impetus.

SOURCE ITERA International Group of Companies