OREANDA-NEWS. July 04, 2013. ITERA International Group of Companies (IIGC) is to continue implementing projects related to gas-fuelled energy production and gas processing  including construction of methanol production plant in Nizhni Tagil, - RIA Novosti (the Russian Information Agency Novosti) reported.

“IIGC shall continue developing business in Russia. A methanol production plant shall be constructed in Nizhni Tagil, - Vladimir Makeev, First Vice President, stated in the lobby of St. Petersburg International Economic Forum.

Makeev reminded that the Project was worth EUR 300 million.

Earlier, Rosneft had acquired a 51 percent stake with an affiliate of ITERA and is currently involved in consolidating a 100 percent stake. To do so, it will purchase the remainder 49 percent stake with ITERA Oil and Gas Company, LLC, from Igor Makarov, the Company founder, and his partners.

The Company is currently negotiating a possibility to raise funds, including from partner-investors and international banks.

According to Makeev, the Company remains a player in the gas-fuelled power production: a combined cycle thermal power plant is under construction in Nizhni Novgorod. Real estate development is among the core business areas of IIGC.