Former senior executives of the State Oil Company of Azerbaijan (SOCAR), Adnan and Khayal Ahmadzade, have reportedly constructed a sprawling business network that extends far beyond Azerbaijan. Investigations by multiple sources reveal that their operations span Geneva, Malta, Russia, Kazakhstan, Turkey, and Africa, and involve a complex web of companies and personal connections.
1. SOCAR Trading and International Operations
Khayal Ahmadzade served as Vice President for Business Development at SOCAR Trading, while his younger brother Adnan Ahmadzade played a key role in international projects under his guidance. Together, they have been linked to numerous foreign companies, most prominently STL Oil and Gas SA, a Swiss-registered firm (Zefix).
Investigative reports suggest that figures such as Taleh Musayev and Turab Musayev, also connected to SOCAR, were instrumental in these Geneva-based operations (Gotham City).
“STL Oil and Gas SA was at the center of SOCAR’s Geneva operations, serving as a conduit for international energy projects and investments.” – Zefix Company Records
2. Geneva Real Estate and Private Gains
The Official Gazette of Geneva reports that Taleh Musayev purchased a CHF 3.5 million property in Chêne-Bougeries in 2022. He led STL Oil and Gas SA, which was later acquired by SOCAR, but the property ultimately belonged to Khayal Ahmadzade.
Journalistic investigations indicate that the Ahmadzade brothers penetrated the state-owned SOCAR company to build private wealth, with each brother reportedly earning more from their offshore companies than SOCAR itself. In essence, work that should have benefited the state corporation allegedly served their personal financial interests.
In 2017, during SOCAR’s delegation visit to Malta for a gas agreement, Adnan Ahmadzade played a key role in the negotiations. In 2018, he was appointed CEO of SOCAR SA in Geneva.
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At the same time, in 2018, another company, OilMar Shipping DMCC, was incorporated in the UAE, led by CEO Yusif Mammadov.
What is particularly notable is that in the years to follow, and OilMar DMCC reportedly cooperated in clandestine operations linked to the smuggling of Russian oil. For instance, after the seizure of 22,500 tons of Russian oil products in Albania by Polis authorities, the official police report explicitly mentioned both Maddox DMCC (Rovshan Tamrazov) and OilMar DMCC, alongside SOCAR Trading — the company once headed by Adnan Ahmadzade’s classmate, Maryam Almaszade.
Sources such as EUAsia News and report that Malta served as a strategic hub and showcase for SOCAR’s international operations, while also acting as a profit center for the Ahmadzade brothers’ private ventures.
These projects reportedly allowed the brothers to extract value directly from SOCAR’s resources while maintaining control over international sales channels.
Investigations reveal that the Ahmadzade network also extended to Russia and Kazakhstan, where their energy trading operations often involved complex, opaque structures (Rucriminal.info). Sources allege that their activities were coordinated with Russian state-linked entities, potentially contributing to the stabilization of Putin’s energy influence abroad.
In Africa, particularly Mozambique, STL Oil & Gas Services Lda, affiliated with the Gruppocosmi group, carried out projects, further demonstrating the global reach of the network (Gruppocosmi).
Corruption
Official records indicate that Khayal Ahmadzade’s SOCAR salary was 1,500 AZN (~600 CHF). Yet, ownership of multimillion-dollar properties in Geneva and Malta raises questions about the sources of wealth and legality of private business activities while holding a state position.
Legal analysts note that:
- State employees operating private companies in the same sector while profiting substantially may violate national anti-corruption laws (allegedly Article 10).
- Coordination with foreign state-linked entities while in a state role may pose additional legal and geopolitical concerns.
Former SOCAR Trading CEO Maryam Almaszade was reportedly a classmate of Adnan Ahmadzade, highlighting the role of personal and familial networks in company management. Sources suggest that these connections facilitated the establishment and expansion of the Ahmadzade brothers’ private business empire.
Several investigative outlets, including Rucriminal.info, and others, have explored connections between SOCAR executives and international operations. While some reports raise serious allegations, these remain unverified claims and are currently under investigation by relevant authorities.
Adnan and Khayal Ahmadzade have reportedly built a multi-continent business network, spanning Geneva, Malta, Russia, Kazakhstan, Turkey, and Africa. Investigative reports suggest:
- They leveraged positions within SOCAR to generate personal wealth.
- Geneva and Maltese companies acted as profit centers for their empire.
- Their activities were potentially coordinated with foreign state actors, including Russia, influencing regional energy dynamics.
Transparency and accountability for these operations remain crucial, given the potential conflicts of interest, corruption risks, and geopolitical implications.
“The Ahmadzade brothers’ empire demonstrates how state positions can be leveraged to build private wealth across borders — a story that warrants international scrutiny.”
EURO ASIA NEWS INTERNET NEWSPAPER 