The ARETI group consists of holding companies registered in Switzerland, Cyprus, the United States, Turkmenistan and is involved in the energy industry, real estate and cycling development.
[3][4] ARETI is a Swiss-based company which was founded by Igor Makarov in 2015, focusing on investments in various sectors in Western Europe, the US, Canada and Central Asia.
[11] The additions were expected to boost Spartan’s 2021 production by 20 per cent to about 36,000 barrels of oil equivalent per day from prior guidance of about 30,000 boe/d.
[14][15][16] Established in 1992, the Itera International Energy Corporation headquartered in Jacksonville, Florida kept Makarov's wealth beyond the political and financial turmoil of Russia and the former Soviet states.
[16] In 1995, Itera began selling Turkmeni gas to Ukraine, Belarus, Moldova, and Georgia, as well as to the Baltic States over Gazprom pipelines in exchange for hard cash, sugar, meat, and cereals to Russia.
[17][19] Registered in Wilmington, Delaware in May 1996, Itera International Energy LLS governed gas supplies and financial statements.
Today, ARETI IG is composed of subsidiaries and affiliated companies with business interests in the United States, Canada, Turkmenistan, Western Europe and in the Middle East.
ARETI IG has offices and affiliated companies located in Switzerland (Geneva), Cyprus (Limassol), Turkmenistan (Ashgabat), and the United States (Jacksonville).
[33] In 2009, Itera's subsidiary MPK Engineering was contracted to build the 198.5-kilometre (123.3 mi) Central Kara Kum–CS Yilanly gas pipeline in Turkmenistan.
[34] Since 2008, Itera, through its subsidiary Arkticheskiye razrabotki, developed Apsatskoe mineral coal mine, one of the largest in Russia, in Zabaykalsky Krai.
[35] Through its 72% stake in Stavropolstroynerud, it developed the Malkinsky quarry, located in Stavropol Region, with production capacity exceeding 1 million cubic meters of crushed stone, sand, and gravel per year.
[citation needed] In the United States, Itera focused on oil and real estate, in addition to renewable energy sources, chemicals and bioenergy technologies.
[43][44] With financial support from the Israeli–Canadian billionaire Sylvan Adams, the Makarov backed Swiss-based Katusha–Alpecin was taken over by the Israel Cycling Academy in October 2019.
[43][45][46] According to Bloomberg BusinessWeek, in the late 1990s, the Russian state-controlled company Gazprom conducted dubious transactions with Itera and a Gazprom/Itera joint-venture, Purgaz.
[47] Despite the allegations, PricewaterhouseCoopers (PwC) defended the audit reports and the Moscow Arbitration Court threw out all five suits filled by Bill Browder against Gazprom in June 2002.
"A Moscow Arbitration Court judge has thrown out five lawsuits that minority shareholder activist William Browder filed against Big Four auditing firm PricewaterhouseCoopers.