The Malta-based commercial company, Alcajasta, has entered the ownership of cargo ships by acquiring the marine fuel supplier Energy Petrol. This deal, which includes eight cargo ships, was made to expand the company's physical fuel distribution business.
Details of the Deal and Its Impacts
Alcajasta, led by Orkhan Rustamov, confirmed on October 22 that an agreement to purchase the Istanbul-based supplier has been signed. This deal has been approved by the Turkish competition authority, and its financial details have not been disclosed. Energy Petrol is expected to continue its independent operations.
This agreement marks Alcajasta's first investment in its own ships, steering the group beyond fuel trading and chartering vessels into direct physical distribution. Energy Petrol, founded in 1997 by Mustafa and Yesim Mohtaroglu, is recognized as a reputable fuel supplier in the Turkish straits region.
Impact on the Marine Fuel Market
The company manages cargo ships for supplying marine diesel and fuel oil, with its fleet including vessels like Deniz M with a capacity of 3,659 tons and Energy K with a capacity of 2,818 tons. Although Energy Petrol's website lists a broader historical fleet, it is still unclear which eight ships are included in this deal.
Alcajasta estimates that it currently supplies about 40% of Turkey's annual 2.5 million-ton marine fuel market and also holds about 75% of Malta's fuel supply market. This purchase will also help expand the group's infrastructure portfolio, increasing its oil product storage capacity to approximately 728,000 cubic meters.
Alcajasta's CEO of Investment and Asset Management, Asad Huseynov, noted that this deal could provide a platform for further investments in marine fuel distribution and other infrastructure assets. This step follows the group's expansion into physical fuel delivery in Romania. Earlier this month, Alcajasta completed its first truck-to-ship refueling operation in Constanta, supplying over 50 tons of marine diesel.
The company's business in Singapore has also rapidly expanded, achieving a commercial volume of approximately 250,000 tons of marine fuel per month in its first full year of operation.
