19 Apr 2010 14:16

VP appointed at Itera who will oversee IPO preparations - source

MOSCOW. April 19 (Interfax) - Alexander Berezikov has been made executive vice president at Itera Group. Berezikov earlier was an advisor Valery Yazev, Russian Federation State Duma Vice Chairman, an informed source told Interfax.

The source said that Berezikov would be in charge of restructuring, forming strategic alliances with potential partners and preparations for the company's IPO. This is an entirely new position.

Prior to working with Yazev, Berezikov headed a department in Sibneft and was a vice president in TNK-BP, as well as general director at Novo-Urengoi Gas Company, which is a joint venture between TNK-BP and Gazprom .

Itera planned to hold an IPO ion 2008. This plan was delayed following the onset of the financial crisis.

One of the top managers at Itera, when asked about the possibility of holding an IPO, told Interfax that an IPO was not the only option for raising capital. "It is also possible to bring in a strategic investor," he said. When asked whether this was in regard to the formation of new gas company through Sibneftegaz, Nortgaz and Purgaz, the top-manager said that this was not the sole option. "Yes this is the idea sounded by Alexander Krasnenkov, the chairman of Sibneftegaz and Nortgaz but it is not the sole option. The idea of creating a company using Sibneftegaz, Nortgaz and Purgaz as a base is interesting but requires discussion," he said.

The top-manager said that, following the arrival of strategic investors and restructuring of the company's assets, Itera could still consider an IPO option.