OREANDA-NEWS. November 30, 2012. The Russian Gas Society is a traditional sponsor of the Gas of Russia – 2012, the 10th International Forum. Just like it was in the past, ITERA Oil and Gas Company acted as an official sponsor of this event of superior importance for Russian and international communities.

Public officials and politicians, representatives of federal ministries of the Russian Federation, the International Gas Union, the European Gas Industry Union, heads of the largest power companies, representatives of the Russian and foreign gas unions and associations, as well as leading gas experts are participants in the Forum.

The Forum’s program includes two sessions and four round tables, a press conference and videoconferences with Brussels. In particular, the participants plan to discuss development of the gas industry in Russia, improvement of efficiency of gas production, issues related to perfection of tariffs policy, taxation policy and pricing in the gas industry, as well as issues related to implementation of the Eastern Gas Program.

"The gas market we used to know during the last decades began changing and those changes are irreversible: a transition from a “seller-market” to a “buyer-market” model, the progressive development of shale gas production in the USA and the planned growth of supply from America to Europe; these trends have introduced certain corrective amendments into the global structure of exports and imports of gas. Russia needs to concentrate efforts on developing mechanisms and work principles in the new gas market", - Vladimir Makeyev, General Director of ITERA Oil and Gas Company stressed.

ITERA Oil and Gas Company, LLC, is a joint venture of OJSC NK Rosneft with a 51% stake, and companies of ITERA International Group of Companies with a 49% shareholding, one of the largest independent producers and sellers of natural gas in Russia. The Company has been developing its own production of gas in the Yamalo-Nenets Autonomous District since 1998. The Company has invested over USD 2 billion in development of the gas industry. Overall, over 250 billion cubic meters of gas had been produced in gas fields developed by Itera. The total volume of gas sold is about 600 billion cubic meters.