Alkagesta

Alkagesta
Company typePrivate
IndustryCommodity trading
Founded2018
HeadquartersMalta
Key people
Orkhan Rustamov
ProductsPetroleum and Steel products, Fertilizers, and Biofuels
WebsiteAlkagesta

Alkagesta is a global commodity trading company headquartered in Sliema, Malta, with operations across Europe, the Middle East, and Asia.[1] Founded in 2018, the company specializes in trading petroleum products, fertilizers, and biofuels. Alkagesta also engages in spot trading of petrochemicals, agricultural commodities, and metals.[2] It operates worldwide with offices in Malta, Geneva, London, Dubai, and Singapore.[3] With annual revenues reported at over €3 billion, it has been described as one of the largest commodity trading firms based in Malta.[2]

History

Alkagesta was founded in 2018 in Malta by Orkhan Rustamov and an initial team of eleven persons with backgrounds in trading, logistics and finance.[4] In its early years the company focused on petroleum trading and marine bunkering in Mediterranean ports.[5]

During the early 2020s Alkagesta expanded into Asian markets, particularly Singapore, where it grew bunkering and marine-fuel logistics operations.[6] To support trading activity, Alkagesta secured trade-finance facilities including a US$15 million inventory credit facility with FIMBank.[7]

The company participates in sector organisations including the International Bunker Industry Association (IBIA) and Suissenegoce, Switzerland’s national commodity trading association.[8] In November 2025 Alkagesta and Navex announced the creation of a joint venture, Alkavex, aimed at expanding into metals trading.[9]

In January 2026, Alkagesta was awarded ISCC CORSIA certification to supply sustainable aviation fuel (SAF).SAF Investor, “Alkagesta awarded ISCC CORSIA certification,” 2026. https://www.safinvestor.com/news/149217/alkagesta-iscc/Advanced Biofuels USA, “Alkagesta Awarded ISCC CORSIA Certification,” 2026. https://advancedbiofuelsusa.info/alkagesta-awarded-iscc-corsia-certificationQCIntel, “Maltese trading firm secures ISCC CORSIA certification for SAF,” 2026. https://www.qcintel.com/biofuels/article/maltese-trading-firm-secures-iscc-corsia-certification-for-saf-56203.html The certification, issued under an ICAO approved sustainability scheme, enables the company to trade and supply CORSIA eligible SAF. It also allows Alkagesta to provide verified SAF volumes to airline counterparties in line with regulatory sustainability requirements.

In 2026, Bloomberg reported that Alkagesta would supply jet fuel through the NATO‑operated Central Europe Pipeline System (CEPS) to several European airports.[10] The report stated that the company would provide fuel to airports including Brussels and Frankfurt through the CEPS network, which comprises more than 5,000 kilometres of pipelines linking airfields, refineries, depots and ports. Deliveries were expected to begin in the spring of 2026, with fossil jet fuel representing approximately 98% of the blend and sustainable aviation fuel the remainder.[11][12]

Operations

Alkagesta operates as a physical commodity trading company combining trading activities with logistics infrastructure and trade-finance arrangements.[13] Its trading portfolio includes petroleum and steel products, fertilizers and biofuels. The company incorporated Very Low Sulphur Fuel Oil (VLSFO), introduced under International Maritime Organization regulations in 2020, into its marine-fuel trading portfolio.[14] Alkagesta has also developed activities in circular feedstocks and waste-based biofuel supply chains.[15]

In 2025, Argus Media reported on the impact of the European Union’s Carbon Border Adjustment Mechanism (CBAM) on global urea markets. The article included comments from Alkagesta’s head of fertilizers, who noted that differences in carbon‑efficiency between production plants could influence trade flows and pricing in European import markets.[16]

In 2025, Alkagesta expanded into metals trading through the creation of Alkanavex, a Malta‑based joint venture with French steel trader Navex SAS. The partnership marked the company’s formal entry into the metals market, with an initial focus on steel as part of its broader strategy to diversify beyond petroleum products and fertilisers. Reporting described the venture as strengthening Alkagesta’s position within the industrial materials supply chain and aligning with its long‑term plans to build an integrated metals trading platform.[17]

Allegations

In 2024, Levent Kenez, a journalist with Nordic Monitor, reported a Turkish businessman's allegations that Alkagesta and other companies had misrepresented Libyan oil shipments as Turkish oil.[18] A columnist for Turkish newspaper Cumhuriyet also noted the allegations.[19]

See also

References

  1. ^ "From Malta to the World of Commodity Finance". Alkagesta (Press release). Retrieved 2026-02-28.
  2. ^ a b "Alkagesta Ltd - Company Overview". HitHorizons. Retrieved 2025-10-23.
  3. ^ "Alkagesta opens biofuels trading desk in Geneva to strengthen its investments". Energynews (Press release). 2025-10-08. Retrieved 2025-10-23.
  4. ^ https://scandasia.com/how-alkagesta-builds-a-sustainable-trading-bridge-between-europe-and-asia/
  5. ^ https://businessnow.mt/leading-by-example-the-people-and-culture-behind-alkagestas-success/
  6. ^ https://ship.energy/energy/alkagesta-sees-sustained-growth-in-singapore-bunkering-operations/
  7. ^ https://www.manifoldtimes.com/news/alkagesta-secures-usd-15-million-inventory-credit-facility-with-fimbank/
  8. ^ https://www.manifoldtimes.com/news/malta-based-alkagesta-becomes-corporate-member-of-ibia/
  9. ^ https://www.independent.com.mt/articles/2025-11-12/business-news/Alkagesta-and-Navex-launch-Alkanavex-joint-venture-to-enter-metals-trading-6736284718
  10. ^ Bloomberg, “Trader Alkagesta to Supply Jet Fuel via Europe’s NATO Pipeline,” 18 February 2026.
  11. ^ Energy Intelligence, “Alkagesta…”, 2026. https://www.energyintel.com/0000019c-7b25-d240-a7dd-fb3d7db90000
  12. ^ Aviation News Online, “Alkagesta Secures Fuel to Supply to Europe’s Largest Airports”, 2026. https://aviationnews-online.com/public/article/alkagesta-secures-fuel-to-supply-to-europes-largest-airports
  13. ^ https://www.manifoldtimes.com/news/alkagesta-secures-usd-15-million-inventory-credit-facility-with-fimbank/
  14. ^ https://shipandbunker.com/news/emea/334635-alkagesta-considers-bringing-ulsfo-supply-to-spain-in-response-to-med-eca
  15. ^ https://www.ibtimes.co.uk/cooking-oil-capital-flows-inside-alkagestas-circular-economy-bet-1748520
  16. ^ Argus Media, “Urea market grapples with EU’s CBAM as revision delayed,” 2025.
  17. ^ MaltaToday, “Alkagesta expands into metals trading through strategic partnership with Navex,” 12 November 2025.
  18. ^ Kenez, Levent (2024-02-27). "Smuggled oil from Libya sold on domestic market in Turkey". Nordic Monitor. Retrieved 2026-01-31.
  19. ^ Ilknur, Miyase (2024-02-24). "Hafter'in petrolünü mü satıyoruz?". Cumhuriyet (in Turkish). Retrieved 2026-01-31.
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