| 2008-10-13 |
Published: INTERFAX-AGI |
ITERA International Group of companies is not going to reduce investment program in its natural gas business because of the world financial crisis, – Vladimir Makeyev, Chairman of the Management Board of ITERA Oil and Gas Company, LLC, told the Agency for Gas Information.
“The Company’s Investment Program for 2009 in the gas related business, the core business of the Company, shall be fulfilled within the planned parameters and in full”, - he said.
At that, he pointed out that “investment programs in other business areas would be adjusted to reduce expenses”. “It was before the crisis that we had made a strategic decision to sell non-core business assets, including oil assets. We systematically sell them out”, - V.Makeyev stressed.
It has been reported that ITERA could shift the expected IPO to 2009 or 2010 because of the crisis in financial markets. Initially, the Company planned the IPO for 2008.
It had also been reported that ITERA was going to concentrate on developing the natural gas business and sell its oil business and other assets that were not directly related to prospecting, development, production, processing or sale of natural gas. The Company had sold two out its five oil assets in 2008.
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