ARETI International Group

ARETI International Group is a privately held investment group headquartered in Geneva, Switzerland. It was established in 2015 by Igor Makarov after the sale of Itera International Group of Companies, the energy business he had started in 1992. Itera was progressively divested, and its principal subsidiary, Itera Oil & Gas Company, was acquired by Rosneft in 2013. ARETI was formed as a new investment platform rather than as a continuation of Itera's corporate operating structure. The group's stated and reported activities have centered on the energy industry, especially oil and gas exploration and development. Its corporate structure consists of holding companies registered in Switzerland, Cyprus and the United States. In addition to energy, the group has been associated with real-estate investment and cycling development. Its geographic focus has extended across Western Europe, North America and Central Asia, while its operating activity has been particularly associated with Switzerland and countries of the Commonwealth of Independent States. One of ARETI's most visible energy investments was its involvement with Inception Exploration Ltd., a Calgary-based Canadian oil-and-gas exploration company. ARETI invested in Inception during the middle of the 2010s, and Inception reported in early 2017 that it had raised financing from a Swiss investor. The investment later became part of a corporate transaction involving Spartan Delta Corp., a Canadian oil-and-gas producer. In March 2021, Spartan Delta acquired Inception and related oil-and-gas assets. ARETI became Spartan Delta's largest shareholder through the transaction, which included the issuance of common shares to Inception shareholders and a convertible promissory note for an Inception debtholder. ARETI also announced plans in 2019 to participate in oil-and-gas projects in Turkmenistan, including the proposed development of the Uzynda oil field and Block 21 in the Turkmen sector of the Caspian Sea. The group later suspended its Turkmenistan activities in 2022. In a public confirmation issued in May 2025, ARETI stated that it had completed its legal and formal withdrawal from the country by April 2025 and no longer maintained an operational presence, affiliated entities or commercial interests there. In March 2022, ARETI sold more than half of its position in Spartan Delta for C$121.5 million. The stated purposes were to generate immediate liquidity and reduce its overall economic exposure to Spartan Delta. After the sale, ARETI retained an interest of approximately 8 percent in the Canadian company. The transaction illustrates the group's use of strategic holdings and subsequent portfolio rebalancing rather than a business model based solely on direct operation of oil and gas assets. ARETI is therefore best characterized as a private, internationally oriented investment group with an energy-led portfolio. Publicly available descriptions identify it with oil and gas, real estate and cycling development, but do not establish a broad consumer-facing product brand or a publicly traded corporate identity. Its history is closely connected to Makarov's earlier energy activities through Itera, while its post-2015 profile has been shaped by selective investments, energy-project participation and exits from particular markets.

ARETI International Group was founded in 2015 by Igor Makarov after the sale of Itera International Group of Companies. Makarov had established Itera in 1992, and the earlier group developed an energy business centered on oil and gas. Itera's principal subsidiary, Itera Oil & Gas Company, was acquired by Rosneft in 2013. ARETI was subsequently created as a new Swiss-based investment group with a broader portfolio and an international holding-company structure. The ARETI group is headquartered in Geneva and comprises holding companies registered in Switzerland, Cyprus and the United States. Its reported activities include energy, real estate and cycling development. The group has pursued investments in Western Europe, the United States, Canada and Central Asia, while its operating focus has also included Switzerland and the Commonwealth of Independent States. Unlike a listed energy producer, ARETI is a private investment organization whose public profile has largely arisen from individual investments, project announcements and corporate transactions. During approximately 2016, ARETI invested in Inception Exploration Ltd., a Calgary-based oil-and-gas exploration company. Inception reported in early 2017 that it had raised financing from a Swiss investor. The investment later became significant through Inception's combination with Spartan Delta Corp. In March 2021, Spartan Delta acquired Inception and its oil-and-gas assets. The transaction included the issuance of Spartan Delta common shares to Inception shareholders and a promissory note to an Inception debtholder that could be converted into shares. ARETI became Spartan Delta's largest shareholder as a result of the transaction. The group expanded its public energy-project ambitions in 2019 when it announced plans to participate in Turkmenistan oil-and-gas projects. The proposed opportunities included the Uzynda oil field and Block 21 in the Turkmen sector of the Caspian Sea. ARETI later suspended all business activity in Turkmenistan in 2022. In May 2025, the group confirmed that its legal and formal withdrawal had been completed by April 2025 and that it had no remaining operational presence, affiliated entities or commercial interests in the country. ARETI changed its financial exposure to Spartan Delta in March 2022 by selling more than half of its holding for C$121.5 million. The sale was described as a way to obtain immediate liquidity and reduce overall economic exposure to Spartan Delta. ARETI retained approximately 8 percent of the company after the transaction. This move, together with the Turkmenistan withdrawal, marked a period of portfolio adjustment and reduced direct exposure to selected energy assets and markets. ARETI's documented history therefore combines continuity with Makarov's earlier energy entrepreneurship and a post-2015 shift toward private, cross-border investment. Energy remains the group's defining sector, but its activities have also extended into real estate and cycling development. Public sources do not provide a complete account of all group companies, projects or current investments, so the publicly documented record is best understood as a partial overview of its major reported transactions and market activities.

• 2025

  Turkmenistan withdrawal is completed

  [1]ARETI International Groupen.wikipedia.org

  ARETI confirmed that it had completed its formal withdrawal from Turkmenistan by April 2025.

• 2022

  ARETI reduces Spartan Delta exposure

  [1]ARETI International Groupen.wikipedia.org

  ARETI sold more than half of its Spartan Delta stake and retained approximately 8 percent.

• 2021

  Spartan Delta acquires Inception Exploration

  [1]ARETI International Groupen.wikipedia.org

  Spartan Delta acquired Inception Exploration and related oil-and-gas assets, making ARETI the Canadian company's largest shareholder.

• 2019

  Turkmenistan project participation is announced

  [1]ARETI International Groupen.wikipedia.org

  ARETI announced plans to participate in the Uzynda oil field and Block 21 in Turkmenistan's Caspian Sea sector.

• 2016

  ARETI invests in Inception Exploration

  [1]ARETI International Groupen.wikipedia.org

  ARETI made an investment in Calgary-based oil-and-gas exploration company Inception Exploration.

• 2015

  ARETI International Group is founded

  [1]ARETI International Groupen.wikipedia.org

  Igor Makarov created ARETI as a Swiss-based investment group after the sale of Itera.

• 2013

  Itera Oil & Gas Company is acquired by Rosneft

  [1]ARETI International Groupen.wikipedia.org

  Rosneft acquired Itera's principal oil-and-gas subsidiary as Itera's assets were being sold.

• 1992

  Itera International Group is established

  [1]ARETI International Groupen.wikipedia.org

  Igor Makarov founded Itera International Group of Companies, the earlier energy business associated with the later creation of ARETI.

A privately held, Geneva-based investment group positioned around energy-sector investments, with supplementary interests in real estate and cycling development.

• Energy investments

  Oil and gas investments

  ARETI's principal documented activity is investment in oil-and-gas exploration, development and operating companies. Its portfolio history includes investment in Canadian explorer Inception Exploration and planned participation in Turkmenistan projects. The group is primarily an investment platform rather than a consumer product brand, so its energy offering consists of ownership positions, project participation and related strategic investments.

• Real estate

  Real-estate investments

  Real estate is identified as an additional area of ARETI activity. The available reference material does not specify particular properties, geographic projects or operating brands, but places real estate within the group's broader cross-border investment portfolio.

• Cycling and sports development

  Cycling development

  ARETI has also been associated with cycling development. Publicly available material identifies this as a group activity but does not provide sufficient detail to describe specific teams, facilities, products or programs.

• 2025

  Formal withdrawal from TurkmenistanStrategy

  Background

  ARETI had suspended its Turkmenistan business activities in 2022 and subsequently undertook a formal exit from the country.

  Action taken

  The group confirmed that its legal withdrawal was completed by April 2025.

  Aftermath

  ARETI stated that it retained no operational presence, affiliated entities or commercial interests in Turkmenistan.

  Source

• 2022

  Reduction of Spartan Delta holdingStrategy

  Background

  After becoming Spartan Delta's largest shareholder, ARETI reassessed its economic exposure to the Canadian oil-and-gas producer.

  Action taken

  ARETI sold more than half of its Spartan Delta stake for C$121.5 million.

  Aftermath

  The sale generated immediate liquidity, reduced ARETI's overall exposure to Spartan Delta and left the group with an approximately 8 percent holding.

  Proceeds from stake sale. C$121.5 million (March 2022)

  Source

• 2021

  Spartan Delta acquisition of Inception ExplorationM&A

  Background

  ARETI's investment in Inception Exploration became part of Spartan Delta's acquisition of the Canadian explorer and associated oil-and-gas assets.

  Action taken

  Spartan Delta acquired Inception and the related assets for $148 million. The transaction included 23.7 million common shares issued to Inception shareholders at a deemed price of $3.83 per share and a $50 million convertible promissory note for an Inception debtholder.

  Aftermath

  ARETI became Spartan Delta's largest shareholder, and the acquired assets were expected to increase Spartan Delta's 2021 production by about 20 percent.

  Acquisition value. $148 million (March 2021)

  Source

• 2019

  Pursuit of Turkmenistan energy projectsStrategy

  Background

  ARETI sought to expand its energy activity in Central Asia through proposed participation in the Uzynda oil field and Block 21 in the Turkmen sector of the Caspian Sea.

  Action taken

  The group announced plans to participate in the identified oil-and-gas projects.

  Aftermath

  ARETI later suspended all Turkmenistan business activities in 2022 and confirmed that its formal withdrawal was completed by April 2025.

  Source

1. 1ARETI International Groupen.wikipedia.org