Trader Alkagesta enters shipowning with Turkish bunker fleet takeover

Malta-based commodities trader Alkagesta is entering shipowning through the acquisition of Turkish marine fuel supplier Energy Petrol, taking over an eight-vessel bunker fleet as it expands its physical fuel distribution business.

The Orkhan Rustamov-led company confirmed on October 22 that it had agreed to acquire the Istanbul-based supplier in a transaction already approved by Türkiye’s competition authority.

Financial terms have not been disclosed, and Energy Petrol is expected to continue operating independently.

The deal marks Alkagesta’s first investment in owned vessels, moving the group beyond fuel trading and chartered shipping into direct physical distribution.

Energy Petrol, established in 1997 by Mustafa and Yeşim Muhtaroğlu, is an established bunker supplier in the Turkish Straits region.

The company operates bunker tankers supplying marine gasoil and fuel oil, with its fleet including the 3,659 dwt Deniz M, the 2,818 dwt Energy K and smaller vessels serving the Istanbul market.

Energy Petrol’s website lists a wider historical fleet, although the companies have not identified which eight vessels are included in the transaction.

Alkagesta estimates that it already supplies approximately 40% of Turkey’s annual 2.5m-tonne marine fuel market and around 75% of Malta’s bunkering market.

The acquisition also expands the group’s infrastructure portfolio, taking its reported global oil-products storage capacity to approximately 728,000 cu m.

Alkagesta investment and asset management managing director Asad Huseynov indicated that the transaction could provide a platform for further investment in marine fuel distribution and other infrastructure assets.

The move follows the group’s expansion into physical bunker deliveries in Romania. Earlier this month, Alkagesta completed its first truck-to-vessel bunkering operation in Constanța, supplying more than 50 tonnes of marine gasoil. Its Singapore business has also expanded rapidly, reaching approximately 250,000 tonnes of monthly marine fuel trading volume during its first full year of operations.

Follow Us