It is reported that TNK-BP submitted an application for the acquisition of 50% of shares of the oil and gas company Itera to the Federal Antimonopoly Service.

A TNK-BP representative commenting on the situation for AK&M that TNK-BP is currently in negotiations to exercise various options related to the development of its gas business. One of such options is the cooperation with Itera corresponding applications have been sent to FAS and the Government's Foreign Investments Commission.

In January 2011, Mr Igor Makarov Itera BOD Chairman and co-owner said that his company might attract a strategic investor in the capital of the company. He mentioned TNK-BP as a potential investor then. It will be recalled that Sberbank and Itera signed a MoU in June. Within the framework of the agreement the parties agreed to consider sale of up to 5% of Itera authorized capital to the bank.

Itera Group is a vertically integrated holding which unites 150 enterprises and companies in 20 countries of the CIS, Baltic, Western Europe, Asia and the USA.

(Sourced from AK&M)