New developments surrounding Alkagesta, a marine fuels firm now expanding its operations in Spain, have reignited scrutiny of its alleged connections to Adnan Ahmedzadeh, the imprisoned former head of the SOCAR Investment Department.
Expansion Amid Controversy
In late October 2025, Ship & Bunker reported that Alkagesta plans to introduce Ultra Low Sulphur Fuel Oil (ULSFO) supply to Spain in response to the newly implemented Mediterranean Emission Control Area (Med ECA). The company seeks a local trading license to distribute ULSFO and B24 biofuel blends across major Spanish ports, including Barcelona, Valencia, Algeciras, Tarragona, and Bilbao.
Alkagesta to bring ulsulfo supply to Spain click read it
The move follows Alkagesta’s sale of roughly 500,000 metric tons of ULSFO in the Central and Eastern Mediterranean since the ECA’s introduction earlier this year.
However, the company’s rapid expansion has revived long-standing allegations regarding its ownership structure, offshore affiliations, and its leadership’s political and commercial ties.
Family Ties and Hidden Networks
Investigations suggest that Alkagesta was previously controlled by Adnan Ahmedzade, and that its current CEO, Kamran Agayev, is his maternal cousin. Their names have surfaced in multiple international probes examining potential misuse of oil-export revenues and the concealment of assets through offshore intermediaries.
Ahmedzadeh is also reported to have maintained close personal and business connections with the president of Spain’s FC Barcelona, a relationship that analysts say may have provided influence within European circles.
Sources familiar with the investigations further claim that a sanctioned yacht owned by Lukoil president Vagit Alekperov is being kept discreetly at the Port of Barcelona, allegedly through intermediaries linked to Ahmedzadeh’s network.
Fuel Seizures and Previous Incidents
Alkagesta has faced controversy before. In collaboration with Alkagesta and Oilmar DMCC, the firm was involved in a shipment of 22,500 tons of Russian diesel to Albania, which was later seized by the national marine police. Albanian state television reported that Alkagesta had also attempted to deliver Russian-origin oil to Spain, an operation reportedly intercepted by Spanish authorities.
https://ru.wikipedia.org/wiki/Alkagesta
According to the “ALB UK News” report, https://albuktv.com/skema-e-kontrabandes-si-u-thye-embargo-per-naften-ruse-ne-shqiperi/ Alkagesta (a Malta-registered company linked to Socar Trading ,Almedia (Turkey) was involved in bypassing the embargo on Russian oil and secretly channeling it into Europe.
According to the documents, behind these structures stand Socar Trading , through subsidiary companies such as Oil Mar Shipping DMCC (Dubai), Alkagesta (Malta), and Almedia (Turkey).
Just three days ago, the same group, Alkagesta Ltd , attempted to deliver Russian oil to Spain at the port of Tarragona, a case that was likewise blocked by the Spanish authorities. Alkagesta has recently also been registered in Albanian territory, within the free zone of Porto Romano, where it holds an identification code with the Tirana Customs Office and has been granted a storage contract.
These incidents occurred amid tightening EU sanctions on Russian energy exports, heightening scrutiny on companies suspected of acting as intermediaries in opaque fuel trades.
UAE Criminal Case and International Investigations
According to regional intelligence sources, the United Arab Emirates has opened a formal criminal case concerning Ahmedzadeh’s shadow fleet and offshore shipping structures, with an active investigation currently under way.
In parallel, official submissions have been made to U.S., U.K., and EU authorities regarding the prior activities of Alkagesta, Maddox DMCC, and Oilmar DMCC, with legal and regulatory reviews reportedly in progress.
Adnan Ahmadzada: The rise, fall, and hidden fleet of the oil prince https://www.eureporter.co/general/2025/10/23/adnan-ahmadzada-the-rise-fall-and-hidden-fleet-of-the-oil-prince/
Who Opened the Door to Spain?
Despite its checkered past, Alkagesta’s renewed access to the Spanish market has raised fresh questions:
- How did the firm obtain a trading license amid previous sanctions-related allegations?
- What role do Ahmedzadeh’s business networks continue to play?
- And who is facilitating Alkagesta’s re-entry into the European energy sector?
Neither Alkagesta nor its executives have commented publicly on the allegations. Meanwhile, Dubai and Malta law-enforcement authorities are said to be conducting parallel investigations into associated offshore entities and fuel-trading structures.
Broader Implications
As inquiries deepen into Ahmedzadeh’s offshore network — accused of diverting state revenues and laundering profits through luxury assets and maritime intermediaries — Alkagesta’s expansion into Spain is being closely watched by regulators and industry observers alike.
If substantiated, the findings could expose one of the most intricate cross-border oil-trade and sanctions-evasion schemes in recent European history
Law enforcement agencies in Dubai, the capital of the UAE, have launched an investigation against Adnan Ahmadzadeh and the shadow fleet he founded.
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