ITERA International Group of Companies is close to selling its Malkinsky sand and gravel quarry in Stavropol Krai, the Kommersant reported.
The asset may be sold to Kedr Group. Once approved by Russia's Federal Antimonopoly Service, the deal may be closed in March and yield up to $50 million to the gas holding, experts say.
The Malkinskoye deposit is considered to be one of Europe's largest reserves of raw materials to ensure full capacity utilization of a mining enterprise (more than 2.6 million cubic meters per year).
Itera Oil and Gas Company LLC is a joint venture held by Rosneft Oil and Gas Company (51%) and ITERA International Group of companies (49%). As of December 31, 2011, Itera's proven gas reserves are estimated at 232.3 billion cubic meters. In 2013, Itera expects to produce up to 13 bcm of gas.
According to the information and retrieval system DataCapital, net profit (RAS) of Itera for 9 months 2012 increased by 18.9% to RUB 4.816 billion. The company's revenue for January-September 2012 was RUB 41.524 billion against RUB 41.867 billion for 9 montsh 2011.