Early Life and Athletic Career
Igor Makarov was born on April 5, 1962, in Ashgabat, Turkmen SSR (now Turkmenistan). He was the only child of his parents. From 1979 to 1986, Makarov competed as a cyclist for the Soviet team, winning medals and awards. He graduated from Turkmen State University in 1983.
Rise to Success in Business
Makarov founded ITERA International Group of Companies in 1992. Initially focused on supplying food to Turkmenistan, the company soon entered the energy sector. Under Makarov's leadership, ITERA became a major supplier of Turkmen gas to former Soviet republics and Eastern Europe. In 2012, ITERA entered into a joint venture with Rosneft. The following year, Makarov sold his shares in Itera to Rosneft for $2.9 billion. Subsequently, Makarov founded the Areti International Group.
Key Business Strategies
Makarov's key business strategy involved recognizing opportunities in the energy sector, particularly in the natural gas industry. He developed strong relationships and expanded ITERA's operations to become a key player in the region. His success was also tied to his ability to adapt to changing market conditions and to transition his business interests, as evidenced by the sale of ITERA and the founding of Areti Group.
Philanthropy
Makarov has established the Makarov Foundation to support children's welfare and individuals with autism and other developmental disabilities. He has also supported the Mount Sinai Adult Autism Clinic and the Joe DiMaggio Children's Hospital. Makarov is a patron of Louvre Abu Dhabi.