Igor Makarov
Entrepreneur, Philanthropist, CYCLIST
Igor Makarov’s life and career are defined by his determination and wide-ranging accomplishments. Starting as a professional cyclist in Turkmenistan, Makarov transitioned into the business world, founding the natural gas company Itera in 1992. His success continued with the founding of ARETI Group in 2015, an international enterprise with interests across Europe, Central Asia, and North America. Beyond business, Makarov is a dedicated philanthropist, supporting causes in healthcare, sports, and the environment. His journey reflects a blend of athletic discipline and business acumen.
Timeline
1962
Igor Makarov, a Cyprus national and tax resident, is the Founder of ARETI International Group. Вorn in 1962 in Ashgabat, Turkmenistan, he is a Cyprus-based entrepreneur and philanthropist, whose life story reflects determination, resilience, and an unwavering commitment to excellence – both in sports and business.
1980's
With a passion for both academics and sports, Igor Makarov graduated from Turkmen State University in 1983. From 1979 to 1986, he competed as a world-class cyclist, representing the USSR national team. A multiple national and international champion, he earned the distinguished title of International Master of Sports.
After concluding his celebrated cycling career in 1986, Mr. Makarov turned his focus to business. Starting with a small consumer goods manufacturing venture, he soon expanded into broader entrepreneurial activities, guided by vision and strategic insight.
1992
In 1992, he founded ITERA International Group of Companies (ITERA IGC), based in the U.S. and Cyprus. Initially focused on food supply to Turkmenistan, the company soon entered the energy sector when Turkmenistan began bartering natural gas in exchange for goods. Under Makarov’s leadership, ITERA became a major supplier of Turkmen gas to the former Soviet republics and Eastern Europe.
Mr. Makarov is widely recognized as a pioneer in developing the Turkmen gas export system, creating efficient distribution networks that supported the economic revitalization of many newly independent states – including Ukraine, Armenia, Azerbaijan, Georgia, Latvia and many other countries, following the collapse of the USSR.
By the early 2000s, ITERA operated across 24 countries and delivered over 100 billion cubic meters of natural gas annually to Eastern European markets.
2013 - 2015
In 2013, Igor Makarov sold ITERA. Following the sale of its remaining oil and gas assets in Russia, he shifted focus to new ventures outside the region. In 2015, he established ARETI International Group, a Cyprus-registered company with operations in Europe, North America, and the Middle East.
2010's - Present:
Today, ARETI is engaged in global investments across multiple sectors, including energy, philanthropy, and sports development. The Group has no business interests or affiliations in Russia.
Philanthropy
Makarov is deeply involved in charitable work, supporting causes in healthcare, sports, and environmental preservation.
Igor Makarov supports clinic for autistic adults in Mount Sinai, Miami
Makarov Foundation Supports the Hublot Best Buddies Challenge: Miami
Supports Joe DiMaggio Children’s Hospital in Hollywood, Florida
Igor Makarov donates funds to construct a park in Limassol, Cyprus
Igor Makarov supports world cycling development
“We’re always humbled by being able to help people, because we believe that’s our debt to society”
Igor Makarov
Early Life
Igor Makarov, a Cyprus national and tax resident, is the Founder of ARETI International Group. Вorn in 1962 in Ashgabat, Turkmenistan, he is a Cyprus-based entrepreneur and philanthropist, whose life story reflects determination, resilience, and an unwavering commitment to excellence – both in sports and business.
With a passion for both academics and sports, Igor Makarov graduated from Turkmen State University in 1983. From 1979 to 1986, he competed as a world-class cyclist, representing the USSR national team. A multiple national and international champion, he earned the distinguished title of International Master of Sports.
Entering
Entrepreneurship
After concluding his celebrated cycling career in 1986, Mr. Makarov turned his focus to business. Starting with a small consumer goods manufacturing venture, he soon expanded into broader entrepreneurial activities, guided by vision and strategic insight.
In 1992, he founded ITERA International Group of Companies (ITERA IGC), based in the U.S. and Cyprus. Initially focused on food supply to Turkmenistan, the company soon entered the energy sector when Turkmenistan began bartering natural gas in exchange for goods. Under Makarov’s leadership, ITERA became a major supplier of Turkmen gas to the former Soviet republics and Eastern Europe.
Mr. Makarov is widely recognized as a pioneer in developing the Turkmen gas export system, creating efficient distribution networks that supported the economic revitalization of many newly independent states – including Ukraine, Armenia, Azerbaijan, Georgia, Latvia and many other countries, following the collapse of the USSR.
By the early 2000s, ITERA operated across 24 countries and delivered over 100 billion cubic meters of natural gas annually to Eastern European markets.
In 2013, Igor Makarov sold ITERA. Following the sale of its remaining oil and gas assets in Russia, he shifted focus to new ventures outside the region. In 2015, he established ARETI International Group, a Cyprus-registered company with operations in Europe, North America, and the Middle East.
Today, ARETI is engaged in global investments across multiple sectors, including energy, philanthropy, and sports development. The Group has no business interests or affiliations in Russia.
Athletic Background:
Driven by the same passion that defined his athletic career, Igor Makarov has played a significant role in advancing global cycling. From September 2011 to September 2025, he served as a member of the UCI (Union Cycliste Internationale) Management Committee, contributing to the sport’s international development.
For many years, his companies have supported European cycling and its national federations through the UEC (Union Européenne de Cyclisme).
Mr. Makarov founded and sponsored the KATUSHA professional cycling team, registered in Switzerland. Competing in the World Tour from 2009 to 2019, KATUSHA consistently ranked among the world’s top teams and brought together riders from diverse nationalities. Except for a brief period of co-sponsorship with German brand Alpecin, Mr. Makarov was the team’s sole sponsor until its acquisition by Israel Cycling Academy in 2019.
Currently, Igor Makarov actively promotes cycling development in Cyprus, where he resides. His contributions were recognized with the Aristides Konstantinidis Award for advancing the sport in the country.
Beyond sports, Mr. Makarov also supports arts and culture, serving as a patron of the Louvre Abu Dhabi, where he helps to promote cultural dialogue and global unity.
