In 2022, authorities examining whether local firms were bypassing sanctions listed Alkagesta among the companies under review.
The Azerbaijan-owned commodity trading company is headquartered in Malta and operates in Turkey, Azerbaijan, Turkmenistan and Georgia, according to media reports.
No wrongdoing was identified during those inquiries. In 2022, the company reported revenues of approximately €2.1 billion and profits of about €40 million. Oil is one of its primary trading products, sold from Malta through various channels, and the firm currently leases storage facilities in Delimara for bunkering operations.
Last year, Alkagesta was mentioned in an independent Turkish investigation into alleged oil smuggling. The probe referred to an invoice linked to the crude oil tanker MT Tony, describing a shipment loaded off Malta, specifically outside port limits, likely at Hurd’s Bank, with the oil reportedly originating from Turkmenistan. Hurd’s Bank has been associated with ongoing illicit oil trading activity. Nigeria has reportedly purchased record volumes of oil from traders operating there, declaring the origin as Malta.
Alkagesta is not the only trader accused of handling smuggled Libyan fuel. Maltese firm Falzon & Falzon has also faced allegations of purchasing illicit Libyan oil and reselling it with falsified certificates claiming Turkish origin. Fuel smuggling from Libya has persisted since the 2011 revolution and is now largely concentrated in eastern areas controlled by General Khalifa Haftar.
Although no comprehensive investigation into Alkagesta has been completed, national and international authorities have indicated that the company remains under observation, and further developments are expected to be monitored.
Investigators from the United Nations and Turkey are examining Malta-based Alkagesta over alleged involvement in international black-market oil laundering networks.