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
Born in Ashgabat, Turkmenistan.
1980's
Competed as a professional cyclist.
1992
Founded Itera, a Cyprus and US-based company, which later became a major player in the natural gas industry.
2013
Igor Makarov sold ITERA.
2015
Established ARETI Group, expanding into diverse sectors globally.
2010's - Present:
Actively involved in philanthropy, supporting healthcare, sports, and environmental initiatives.
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, Founder of ARETI International Group, was born in 1962 in Ashgabat, Turkmenistan. Mr. Makarov has accomplished professional and athletic successes. His life has culminated in pure determination, strength of spirit, and dedication.
With an equal interest in education and sports, Mr. Makarov graduated from Turkmen State University in 1983 and competed as a world-class cyclist from 1979 to 1986. As a USSR national cycling team member and a winner of many national and international championships, Makarov achieved the title of International Master of Sports.
Entering
Entrepreneurship
At the end of his highly decorated athletic career in 1986, Igor Makarov cultivated a growing interest in business and embarked on a burgeoning career as an entrepreneur. Starting initially with a small consumer goods manufacturing company, Mr. Makarov built upon that experience to run numerous successful enterprises. Those early accomplishments, due mainly to his initiative and keen business acumen, led to the development of lucrative companies, including an international energy company, in the early 1990s.
In 1992, he became the founder and head of ITERA International Group of Companies (ITERA IGC). Within two years, the Group began supplying natural gas sourced from Turkmenistan to former USSR countries and countries in Eastern Europe. Mr. Makarov is hailed as the Turkmen gas industry innovator, renowned for his expertise in establishing distribution networks.
By the early 2000s, the ITERA International Group of Companies included a diverse array of subsidiaries operating in various sectors of the economy in twenty-four countries around the world. Natural gas deliveries to former USSR countries and Eastern European countries amounted to 100 billion cubic meters per year.
Mr. Makarov sold ITERA in 2013. After the sale of ITERA Oil and Gas Company and all oil and gas assets in Russia, Igor Makarov started looking for new business opportunities. As a result, a decision was made to eventually leave the Russian market and develop new projects unrelated to previous activities.
In 2015, Mr. Makarov started a new European-based Cyprus-registered international company called ARETI, which has business interests in Central Asia, Europe, North America, and the Middle East.
Today, ARETI is focused on investments in various sectors worldwide, including the energy sector, charity, and sports. ARETI has offices in Cyprus, Switzerland, and Turkmenistan. ARETI has no business interests or affiliated companies in Russia.
Athletic Background:
Igor Makarov began his career as a professional cyclist, representing the Soviet Union in international competitions during the 1980s. His experience in the competitive sports world helped instill discipline, determination, and leadership, which he later carried into his business endeavors.
His passion for sports has continued throughout his life. He remains a strong supporter of athletic development and regularly contributes to sports-related charitable initiatives. In September 2011, he was elected as a member of the International Cycling Union (UCI) Management Committee. In addition, Mr. Makarov was the founder and the main sponsor of the Swiss-registered professional cycling team KATUSHA, which successfully performed on the World Tour from 2009 to 2019 and was one of the world’s best teams for several years.
At the moment, Igor Makarov supports the development of cycling in Cyprus, where he resides. He participates in and sponsors local cycling events, such as the recently held INEX Club Charity Ride in in May 2024, and ARETI Gran Prix Cyprus in November 2024 l.