According to the Cheka-OGPU and Rucriminal.info, former deputy head of SOCAR's investment department, Adnan Ahmadzade, and Rovshan Tamrazov (who has long controlled oil traders trading Russian oil, including now, in defiance of sanctions) are involved in $5 billion worth of Russian oil transactions through Petro Singapore Trading Pte. Ltd.
Earlier, the State Security Service of Azerbaijan (DTX) arrested Adnan Ahmadzade in connection with an ongoing investigation into a complex oil trading network.
Documents reviewed by sources show that Petro Singapore Trading Pte. Ltd., formerly controlled by Rovshan Tamrazov, conducted crude oil transactions between Azerbaijan and Russia worth over $5 billion. The company's financial statements indicate a net profit of approximately $78 million, which was not fully disclosed to Azerbaijani government regulatory authorities.
Olimar DMCC, a Dubai-based logistics and chartering company, is listed in shipping and trade documents as a provider of transportation and sales services for crude oil exported from Azerbaijan. Socar Trading and Maddox are behind Olimar.
Maddox is one of the entities in the network of Rovshan Tamrazov, Etibar Eyyub, Tahir Garayev, Anar Madatli, Akhmed Kerimov, and Talat Safarov, which sells Russian oil, including in violation of sanctions. This network also has its own "shadow fleet."
Investigative records indicate that the shipments included Russian-origin crude mixed with Azerbaijani Azeri Light crude and exported to European markets, including Italy and Romania. The investigation reveals the role of offshore trading structures and complex supply chains used to organize shipments, manage charters, and coordinate cross-border oil sales. Ship manifests and trade records link Oilmar DMCC to numerous cargoes and routes in the Black Sea and Mediterranean regions.
Although SOCAR is a state-owned enterprise, sources note that the Azerbaijani labeling on the exported oil may have concealed the true origin of the crude.
Financial and operational data indicate that the network's activities included:
Refining Azerbaijani and Russian crude oil (Rossneft, Russneft, Lukoil) worth over US$5 billion
Generating net profits of US$78 million through Petro Singapore Trading
Coordinating shipments through Oilmar DMCC and other related entities
Exporting oil to European markets, including Italy and Romania, under Azerbaijani labels
Summary of Key Facts:
Arrest: Adnan Ahmadzade, former head of SOCAR
Financial Highlights: Petro Singapore Trading Pte. Ltd., revenue US$5.18 billion; Net profit: $78 million
Operators: Rovshan Tamrazov, Maddox DMCC, Oilmar DMCC
Deal details: Russian crude blended with Azerbaijani light crude
Exports: Italy, Romania
An investigation by the Cheka-OGPU and Rucriminal.info uncovered a network of companies, including Maddox DMCC, Maddox SA, Oilmar DMCC, and related offshore trading entities, involved in the resale and transit of Russian oil between 2023 and 2025. Shipments were reportedly made through Ukraine, Romania, and Italy, in some cases using certificates of origin that differed from the actual source of supply.
Other individuals linked to management or operational positions in this network include Nubar Aliyeva, Elena Perrin, Turab Musayev, and Maryam Almasade, the former director of SOCAR Trading SA in Geneva. Investigators are examining complex offshore structures, hidden profits, and cross-border trading operations, assessing the potential impact on Azerbaijan's international reputation.
The investigation concerns the misuse of state resources, concealment of profits, and complex offshore trading structures, and authorities are examining the potential impact on Azerbaijan's state-owned enterprise and its international reputation.
