INTERVIEW: Igor Makarov Discusses Moldova’s Energy Future and Longstanding Ties to the Country in TV8 Interview

On September 21, 2026, Igor Makarov appeared on Moldova’s TV8 channel for a wide-ranging interview on Novaya Nedelya (“The New Week”) with journalist Anatoliy Golia. The conversation covered Moldova’s energy outlook, opportunities for long-term investment, social responsibility, and Makarov’s longstanding personal and business connection with the country. TV8 introduced the interview by highlighting Makarov’s earlier role in supplying gas to Moldova and his previous involvement in the country’s energy sector.
A central theme of the discussion was the possibility of ARETI renewing its business presence in Moldova. Makarov said his team has begun examining opportunities not only in natural gas, but also in other areas of the energy sector, petroleum products and finance. He stressed that meaningful energy projects require long-term planning and cooperation, describing a five- to ten-year roadmap as the appropriate framework for sustainable investment.

The interview followed a working meeting in Chișinău with Moldova’s Prime Minister Vasile Tofan and Minister of Energy Dorin Junghietu. Makarov said the discussion addressed Moldova’s energy needs and the challenges of the coming winter, as well as possibilities for future cooperation.

Makarov also announced readiness to support targeted charitable initiatives in Moldova. He proposed helping hospitals and other social institutions facing high energy costs, emphasizing that such assistance should be provided directly and transparently. As he explained during the interview, ARETI has traditionally combined its business activities in the countries where it operates with support for local communities.

Igor Makarov’s ties to Moldova span more than three decades, primarily through the activities of ITERA, the international energy company he founded in 1992. During the 1990s and early 2000s, ITERA’s core business in Moldova was the supply of natural gas, making the company an important participant in the country’s energy sector.

Alongside this principal activity, ITERA became involved in a number of Moldovan industrial enterprises. These investments were not part of the company’s core business, but rather reflected a broader commercial strategy of restructuring assets, addressing accumulated debts, and improving the financial position of enterprises before ultimately divesting them.

One such case was the Moldovan Metallurgical Plant in Rîbnița. According to Makarov, the plant had accumulated approximately $70 million in unpaid gas debts to ITERA. The company subsequently acquired an interest in the enterprise and invested in modernizing its equipment and improving operational efficiency. Once the plant’s financial performance had strengthened, ITERA divested its stake.

A similar approach was taken with Moldcarton, a Moldovan cardboard manufacturer. ITERA acquired the struggling enterprise, financed measures to restore production and improve profitability, and later sold the business as part of its strategy of exiting non-core industrial assets.

Makarov’s activities in Moldova also included proposed energy infrastructure. In 2004, he put forward plans to invest in the construction of a 450-megawatt power plant near Burlăceni. The project was ultimately not completed. Makarov has attributed this outcome to the loss of access to transit routes for Turkmen natural gas, which undermined ITERA’s ability to secure the fuel supplies required for the project.

His contribution to Moldova’s energy sector was formally recognized in October 2002, when he was awarded the country’s Ordinul „Gloria Muncii” (Order of Labour Glory) for his contribution to the stable supply of energy resources. Makarov has also held citizenship of the Republic of Moldova since 2005.

Looking ahead, Makarov described Moldova as potentially more than a relatively small energy market. Because of its geographic position, he believes the country could develop a broader role in regional energy infrastructure and play a focal point in Ukraine’s reconstruction efforts. Among the ideas discussed were diversification of energy sources, long-term gas-supply planning and the potential development of gas-storage infrastructure through a public-private partnership, subject to detailed technical and economic assessment.
The interview also offered a broader look at Makarov’s career, from his years as a professional cyclist and member of the USSR national cycling team to the creation of ITERA and, later, ARETI International Group. Throughout the conversation, he emphasized the importance of finding solutions that create mutual value for investors, governments and local communities.

Watch the full interview with Igor Makarov on TV8:
https://www.youtube.com/live/401F-eMSSyU?si=pU6Tpde-tmkQr_nS