Itera

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See also ITERA: International Telecommunications Education and Research Association

Itera Holdings Ltd. is a holding company based in Curacao (Netherlands Antilles) with investments in Russian natural gas, and US timber and real estate. Formerly called Itera Group, it has headquarters in Moscow, Russia, and offices in Limassol, Cyprus, and Jacksonville, Florida. The chairman of Itera Group's board is Igor Makarov.

The company was originally started in the United States under the name Itera International Energy Corporation as a basic commodities trading company. In 1994, after a sale of sugar to the country of Turkmenistan, Itera obtained rights to sell Turkmeni natural gas as payment for its sugar transaction. Itera began sales to the Ukraine of the Turkmeni gas in 1995 and, based on that success, continued to expand its natural gas trading activities throughout the former Soviet Union, becoming the second largest seller of natural gas in the FSU in the late 1990's. Its subsidiary Itera USA provides representation for Itera Group projects in North America, with corporate headquarters in Jacksonville, Florida. Itera USA provides solutions in energy, bioenergy, timber and real estate. Itera USA is purportedly at work on a project that would use new, patented technology to produce bioethanol and other specialty chemicals[citation needed].

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[edit] Russian scandals

The Russian state-controlled company Gazprom conducted dubious transactions with Itera and a Gazprom/Itera joint-venture, Purgaz, in the late 1990s. Billions of dollars of Russian natural gas resources were transferred from Gazprom to Itera for artificially low prices and then sold to the markets by Itera, allegedly profiting Gazprom managers who were also beneficiaries of Itera.[1]

[edit] Italian scandals

Itera is being suspected to have business connections with the Sicilian Cosa Nostra, a crime syndicate. Mafia Don Massimo Ciancimino stated in a 2005 deposition in Italian courts that he met up with Ivan Makarov in Cortina d'Ampezzo, trying to organize a deal to use mob money to set up a gas distribution network to "broaden his business interests".[2]

[edit] U.S. scandals

In March 2002, the U.S. Trade and Development Agency cancelled a $868,000 grant to Itera as questions were raised about its legitimacy. In May, Representative Curt Weldon led a congressional delegation to Russia and visited Itera. After his return, he publicly supported Itera's efforts. In the beginning of September of that year, Itera paid the expenses for a Weldon trip to NYC. The following week, Itera told Karen Weldon, the Congressman's daughter, it would sign a contract with her newly-formed lobbying firm, Solutions North America, Inc. On September 24, Curt Weldon co-hosted an event at the Library of Congress honoring Itera's chairman. On September 26, Weldon gave a floor speech praising Itera. On September 30, SNA received a $500,000 annual contract with Itera, with $170,000 up front. In November, Itera paid for Karen to join Rep. Weldon on a trip to Eastern Europe and Russia. In January 2003, Itera opened U.S. offices in Jacksonville, Florida, and paid for Rep. Weldon to attend the opening.[3]

[edit] References

  1. ^ Gazprom: Russia's Enron?, BusinessWeek online, February 18, 2002
  2. ^ Steve Scherer: "The Mafia's Energy Grab", Bloomberg Markets, January 2007, pp.96-106
  3. ^ Lucrative Deals for a Daughter of Politics, Los Angeles Times, February 20, 2004.

[edit] External links

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