Russian independent gas producer and trader Itera is selling a majority stake in its only Russian coal interests in line with plans to divest non-core assets. Virgin Islands-registered Winsway Group will buy 60% of Cyprus-registered Divalane, the Itera subsidiary that owns 100% of Arkticheskiye Razrabotki (Arctic Developments), license-holder for the Apsatskoye coal deposit in the Zabaikalsky region. Itera says it will hang on to 40%. The purchase will cost Winsway, China's largest importer of Mongolian coal, $90 million, almost double the 1.3 billion rubles ($47 million) Itera paid for the license in 2008. The deal has still to be approved by Russian antimonopoly authorities, which say they will consider it in the next few weeks.
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