How Alkagesta and trader Adnan Ahmadzade turned Malta into a hub for shadow Russian oil trading
Sources from the oil sector in Baku have told us that the arrest of Adnan Ahmadzada appears to be linked to efforts by the Azerbaijani authorities to improve the country’s international image regarding the trade of Russian oil. These moves may also come amid recent statements by President Donald Trump suggesting that European countries should halt purchases of Russian oil.
Adnan Ahmadzada was SOCAR’s chief trader before he started working independently. He has his own company called ABDA Invest Holding, but he is involved in various oil and gas companies embedded in secretive structures such as Caspian Oil and Gas Ltd, Oilmar DMS, and Caspian Logistics and ultimately, Alkagesta, which is Malta’s largest oil bunkerer. Adnan Ahmadzada has a long trading history with the Russians, having traded Russian oil throughout his career with clients such as Lukoil, Tatneft, and Sibur.
Adnan Ahmadzada is suspected of being the hidden hand behind Alkagesta, which is currently being investigated by the EU and UK authorities for trading Russian oil in Europe. This is not the first time that Alkagesta has encountered problems with European authorities over its Russian oil sales. In 2023, Albania halted a shipment of 22,500 tonnes of Russian oil which was being traded by Alkagesta.
A letter sent to Malta’s Consul General to Turkey, Walter Mallia, by a Turkish businessman warned him of the illicit oil trafficking involving Malta’s Alkagesta. The letter was sent in June 2024. We are trying to identify Maltese authorities and officials who followed up on this letter, but so far, we have confirmed that several relevant individuals are unaware that this letter exists. There are no confirmed and ongoing investigations by the Maltese authorities regarding Alkagesta yet.
Head of Investigations
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