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.”
Thoroughbred” horse
The database of HM Land, which registers property in England and Wales, contains a document stating that Adnan Ahmadzadeh purchased an apartment in London in February 2016 for 6.5 million pounds sterling (about 8 million dollars). We are talking about apartment number 409 at 20 Lanterns Way, Denison House, known to the British as Hamlet Tower. According to the document, the payment for the apartment was made through Hambros BANK LIMITED, registered in the Channel Islands in the south of England.
Adnan Ahmadzadeh’s cars
As can be seen from the documents, the first payment worth 5.5 million pounds sterling was made in Adnan Ahmadzadeh’s own name on April 26, 2018. This document reflects Adnan Ahmadzadeh’s residential address as Oceana Residence (Argean Building PH2) on Palm Jumeirah in Dubai. The price of a 3-room apartment in this residence ranges from 3.9 million dirhams to 7.7 million dirhams (from $ 1.1 million to $ 2.1 million).
By the way, Adnan Ahmadzadeh’s main business is located in the United Arab Emirates. The second payment of 550 thousand pounds sterling for the apartment in London was made on February 14, 2019 through the company Aa Properties 2000 Limited
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AA PROPERTIES 2000 LTD was registered in London on December 4, 2015. Registration number 09903368, legal address is London, 32 Old Burlington Street. The founder of the company is Adnan Ahmadzadeh.
The company is engaged in the purchase of real estate. The head of SOCAR and head of SOCAR Trading also served as a director in a private company he founded until January 9, 2017. Since that date, the company has been headed by Nigar Karimli, born in 1994.
The Ahmadzades have another company in England. The London-based company PS ASSETS LIMITED was registered on October 2, 2013. Registration number 08715209, registered address Gallium House Unit 2, Station Court Borough Green Sevenoaks Kent. The company is engaged in the purchase and sale of real estate. Among the shareholders of the company are Azerbaijanis Elmar Aghamaliyev and Togrul Rzayev (both employees of SOCAR Trading), as well as Corinthia Properties SA. This company is registered in Switzerland and is registered in the name of a woman named MIRZAJANOVA DILARA JAHANGIROVNA, born in 1976, registered at 18 Bulbul Avenue, Baku.
It should be noted that the daughters of AZAL President Jahangir Asgarov, Jamila and Malahat Asgarova, are also registered at this address. According to information added to the registry service on December 2, 2018, the value of the company’s shares amounted to 1 million 12 thousand 382 pounds sterling. On April 6, 2016, Adnan Ahmadzadeh’s brother, Khayal Ahmadzadeh, born in 1977, and his father, Azer Ahmadzadeh, born in 1948, acquired the majority of the shares of this company, controlling 75 percent of the company.
Adnan Ahmadzadeh’s brother, Khayal Ahmadzadeh, is also represented in the management of SOCAR. He serves as vice president for business development at SOCAR-Trading, where his brother is president. One of the interesting nuances is that Khayal Ahmadzadeh’s registration address is the same as the address of Corinthia Properties SA, owned by Dilara Mirzajanova Jahangirovna, in Geneva.
Another nuance is that one of the former directors of SOCAR Trading SA, Maryam Almaszade, also has a stake in another company, Dilara Mirzajanova. Another company of Adnan Ahmadzadeh is in Spain.
SIMPLEMENTA2000 SL was registered in the Malaga Commercial Registry Office (Registro Mercantil de Málaga) on October 11, 2018, in the name of the head of SOCAR’s department. Registration number 410363, authorized capital is 3,006.00 euros.
Follow the next investigation into Adnan Ahmadzadeh’s brother Khayal Ahmadzadeh, who works at the Geneva office of Socar Trading SA
📌 Conclusion
The BTC pipeline provides a transparent, lawful route for Central Asian crude into Europe and Turkey. Maddox DMCC and Oilmar Shipping Dmcc activities undermine this system by laundering Libyan and Russian-origin fuels into global markets under false Turkmen certificates.
This is not only fraud but a direct violation of UN and EU sanctions regimes.
The evidence clearly shows:
- It is structurally tied to Caspian Oil & Gas, with global offices and Russian partnerships.
- Its practices are consistent with the dark fleet and illicit energy networks financing Russia’s war economy.
Please note that many of the information presented here is for reference purposes only
EURO ASIA NEWS INTERNET NEWSPAPER 
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