Itera Group Intends To Produce Oil In US

The Itera International Group intends to produce oil in Texas, Itera Vice President Yevstakhy Nanivsky told reporters. According to him, it is planned to hold respective talks soon and to drill two operational oil wells in an oil field in that state. Nanivsky pointed out that Itera is already implementing an oil production project in the Stavropol Krai in Russia. The Caucasus Oil Company, a joint venture of Itera and Kavkaztransgaz, has been founded for that purpose. Itera plans to produce 300-500 tons of oil a year in the Stavropol Krai. Additionally, the Caucasus Oil Company owns an oil refinery, Nanivsky pointed out. According to him, Itera intends to invest $10-15 million in oil production in that region.