ITERA International Group of Companies controlled by Russian businessman Igor Makarov headquartered in Moscow, Russia, with parent companies of the group registered in Cyprus (In 2015 ITERA International Group of Companies was transferred to ARETI International Group as a result of rebranding). Its subsidiaries are involved in the energy industry, civil and industrial engineering, and finance and insurance. The company operates primarily in Russia, the Commonwealth of Independent States (CIS) countries and Latvia. In 2013, its main subsidiary Itera Oil & Gas Company—was acquired by Russian state-controlled oil company Rosneft.
Itera Group was established in 1992 in the United States under the name Itera International Energy Corporation as a basic commodities trading company. In 1994, it obtained the rights to sell Turkmeni natural gas as payment for its sugar transaction and started implementing gas-related projects within its subsidiary Itera Oil & Gas Company, LLC. In 1995, Itera began selling Turkmeni gas to Ukraine, Belarus, Moldova, and Georgia, as well as to the Baltic States. In the late 1990s, Itera began gas business in Sverdlovsk Region, followed by the Moscow and Perm regions.
In 1998, Itera launched production of natural gas in Yamalo-Nenets Autonomous Okrug in Western Siberia. It was the first private company to put gas fields into operation in the Far North of Russia: the Gubkinskoye gas field with reserves of 399 billion cubic metres (14.1 trillion cubic feet) in 1999; the Vostochno-Tarkosalinskoye field with reserves of 407 billion cubic metres (14.4 trillion cubic feet) in 2001; and the Beregovoye field with reserves of 325 billion cubic metres (11.5 trillion cubic feet) in 2003. In 2002, there was an agreement to merge the newly created gas company Novatek with Itera, but the deal was cancelled.
In 2010, India-based Sun Group sold its 26% stake in Itera Holdings back to Itera Group. In 2011, TNK-BP planned to acquire a 50% stake in Itera. This transaction failed. In 2012, Rosneft announced a plan to acquire up to 51% in Itera Oil & Gas. In 2013, Rosneft acquired all shares in Itera Oil & Gas.
By mid-2015, Mr. Makarov had restructured and reenergized his remaining companies to enter a new stage of development. The Group was rebranded as the ARETI International Group (ARETI IG) to signal a new direction. Today, ARETI IG is composed of subsidiaries and affiliated companies with business interests in Russia, the CIS Countries, Baltic States, United States, Canada, Western Europe and in the Middle East. ARETI IG has offices located in Switzerland (Geneva), Russia (Moscow), Cyprus (Limassol), Belarus (Minsk), Turkmenistan (Ashgabat), Canada (Calgary) and the United States (Jacksonville).
The main subsidiary of Itera was Itera Oil & Gas Company. It had aggregate proved reserves of 510 billion cubic metres (18 trillion cubic feet) of natural gas, over 2 million tons of gas condensate and 7 million tons of crude oil. By 2011, more than 325 billion cubic metres (11.5 trillion cubic feet) of natural gas had been produced in eight fields. It had 49% stake in Sibneftegaz (another shareholder is Novatek), which holds licences for exploration and production in the Yamal-Nenets region, including the Beregovoye field, Pyreinoye field, Zapadno-Zapolyarnoye field, and the Khadyryakhinskiy licence area.
Sibneftegaz owns the rights to develop oil and gas condensate fields with a total resource of 395.53 billion cubic metres (13.968 trillion cubic feet) of natural gas and 8.44 million tonnes of gas condensate. In Sverdlovsk Oblast, the company operates through ZAO Uralsevergaz, a joint venture with the oblast administration. Together with Zarubezhneft, Itera carried out a development of block 21 in the Turkmen sector of the Caspian Sea. The reserves of this block are 219 million tons of oil, 100 billion cubic metres (3.5 trillion cubic feet) of natural gas and 92 billion cubic metres (3.2 trillion cubic feet) of associated gas. Together with Zarubezhneft and Rosneft, it developed blocks 29, 30 and 31.
Since the mid-2000s, Itera group has been involved in civil and industrial engineering in Russia, Belarus and Turkmenistan. Among the projects are an office complex for the 2014 Winter Olympic Games in Sochi, Russia, a skyscraper and a business center in Minsk, and sport facilities and pipelines in Turkmenistan and Russia. The company has commenced construction of a steam-gas power cogeneration plant with a capacity of 900 MW in the Nizhny Novgorod Region. The company plans are underway for construction of a gas and petrochemical complex in the Urals with a capacity of 600,000 tons of methanol per year. 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. The pipeline was completed in 2010.
Since 2008, Itera, through its subsidiary Arkticheskiye razrabotki, developed Apsatskoe mineral coal mine, one of the largest in Russia, in Zabaykalsky Krai. Through its 72% stake in Stavropolstroynerud, it develops the Malkinsky quarry, located in Stavropol Region, with production capacity exceeding 1 million cubic meters of crushed stone, sand, and gravel per year. In 2011 100% of Arkticheskiye razrabotki were sold to SUEK, which became the new owner of Apsatskoe.
In the United States, Itera focuses on oil and real estate, in addition to renewable energy sources, chemicals and bioenergy technologies. In 2008, Itera put a bioethanol refinery into operation in Pennsylvania. The construction of a similar facility in Louisiana is planned, as well.
Itera Group Ltd. is registered in Cyprus. It owns Itera Holdings Limited, also registered in Cyprus, which owned 99.99% of Itera Oil and Gas Company, the main company of the group. In 2012 51% of Itera Oil & Gas were included into a joint-venture with Russian state-owned oil company Rosneft, which in 2013 also bought out remaining 49% from Itera Holdings Limited  Altogether, Itera Group has dozens of subsidiaries in Russia, CIS, Asia, Europe and in the US. Its main shareholder, chairman of the board of directors and president is Igor Makarov, its first vice president is Vladimir Makeev.
In 2010, Itera had a gross profit of US$435.9 million and a net profit under IAS of US$226.9 million. Net sales amounted to US$1.6 billion, compared to US$1.15 billion in the previous year, and natural gas sales were RUR1.58 billion, compared to RUR1.13 billion in the previous year.
Itera is a sponsor of the European Cycling Union (UEC). In March 2011, the UEC President Wojciech Walkiewicz and Igor Makarov, the chairman of the board of directors for Itera, signed a contract for financial support until the end of 2011, with the possibility of contract renewal.
In Russia, Itera is a long-term primary sponsor of the Russian Cycling Federation and one of the three key sponsors (along with Gazprom and Rostechnologii) of Russian cycling teams Katusha ProTour and Itera-Katusha continental, and two youth cycling teams, Itera-Katusha Under 21 and Itera-Katusha Under 23.
Itera signed an agreement with Gubkin Russian State University of Oil and Gas. According to the agreement, Itera provides grants to the best-performing students. The company also finances a number of scientific projects, and assists in providing technical equipment for the curricula.
Itera is one of the trustees of the Saint Petersburg Mining Institute, providing assistance in developing its educational and scientific base, preserving and renewing a group of historical buildings, repairing and constructing student dormitories and introducing innovative programs and technologies. Itera provides financial backing for constructing the Skolkovo Moscow School of Management.
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. Billions of dollars of Russian natural gas resources were transferred from Gazprom to Itera for artificially low prices, then sold to the markets by Itera, allegedly profiting Gazprom managers who were also beneficiaries of Itera.
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 2002, Itera paid the expenses Weldon to travel to New York City. The following week, Itera told Karen Weldon, the congressman's daughter, that it would sign a contract with her newly formed lobbying firm, Solutions North America, Inc. (SNA). On 24 September, Curt Weldon co-hosted an event at the Library of Congress honoring Itera's chairman. On 26 September, Weldon gave a floor speech praising Itera. On 30 September, SNA received a $500,000 annual contract with Itera, with $170,000 up front. In November, Itera paid for Karen Weldon 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.