OREANDA-NEWS. August 31, 2010. An Agreement to Design and Construct on a turn-key Basis an Olympic facility of Federal Priority in Sochi was signed with OJSC Concern MonArch in the Head office of ITERA International Group of Companies in Moscow. ITERA-SportStroi, a company established for the purpose, shall act as a responsible executor and an investor-constructor for the project. OJSC Concern MonArch shall act as a general designer and contractor.

When opening the signature ceremony, V.P. Makeyev, Chairman of the Management Board of ITERA Oil and Gas Company, LLC, pointed out that "the Olympic Games in Sochi was a nation-wide construction site and prestige of the country". In that connection he called the involvement of the company in construction of Olympic facilities "a matter of honor and responsibility". According to him, "the Olympic Games shall give a new impetus to development of sport in Russia, though "the Olympic Games make an extremely important event not only in sport life, but also in social and political life of our state, and ITERA is going to do all it has to do to commission the multifunctional facility at high quality and in time".

S.A. Ambartsumyan, General Director of OJSC Concern MonArch expressed gratitude "to ITERA that selected his construction concern to build this significant facility". He specified that the modern architectural concepts, technologies and materials shall be used at designing and construction for the purpose of efficient usage and preservation of the environment.

A briefing was held after the signing ceremony. V.P. Makeyev, G.A. Martirosyan, Vice President on Construction and Energy of ITERA International Energy L.L.C., D.Ya. Karich, General Director of ITERA-SportStroi, LLC, and S.A. Ambartsumyan replied questions from journalists.

An Office building with an area of 30000 sq m and a parking lot for 360 cars, to be constructed in the Olympic Park of Imeretinskaya lowland are intended for the Organizing Committee of the Winter Olympic Games ХХII, and the Par-Olympic Games - ХI of 2014. In addition to personnel, the Olympic Games Control Center shall be located there. The project is worth over USD  100 million. Construction is to start this year. In 2012, the Organizing Committee shall be able to move in the building constructed according to the latest achievements of global architecture.