OREANDA-NEWS. On 08 May 2009 was announced, that Gurbanguly Berdymukhamedov, President of Turkmenistan, received Igor Makarov, leader of ITERA International Group of Companies, in Ashkhabad. Issues of ITERA involvement in development of a few blocks in the Caspian Sea shelf of Turkmenistan, as well as implementation of other oil and gas related projects were addressed during the meeting.

It was at an invitation of the President of Turkmenistan that Igor Makarov took part in a solemn ceremony within the framework of the festival of a Turkmen horse on April 26, devoted to commencement of construction of five large horse complexes. Two of the five complexes are located in the Lebapski Region and Balkanski Region of Turkmenistan. These two will be constructed by ITERA Development Group of ITERA International Group of Companies.

Each new hippodrome will have an area of 50 hectares. They will meet the best world standards. Their rostrums are intended for three thousand seats, and stables for 200 horses. In addition, the complexes will include swimming baths for horses, training sites, veterinary and laboratory services, and a dope test center. First races are planned for late 2010.

ITERA Development Group is currently implementing two more large-scale projects in Turkmenistan: an office center in downtown Ashkhabad and a hotel complex in Avaza resort zone in the Caspian Sea shore.

A solemn opening ceremony of a modern sport complex constructed by the Company in Turkmenabat was held on April 5, 2009.