Adnan Ahmadzade arrested as $5 billion oil network involving Rovshan Tamrazov, Petro Singapore Trading, and Maddox offshore structures emerges
Azerbaijan’s State Security Service (DTX) has arrested Adnan Ahmadzade, a former senior executive at the State Oil Company of Azerbaijan (SOCAR), in connection with an ongoing investigation into a complex oil trading network. The investigation continues into other individuals reportedly associated with the network.
Documents reviewed by investigative sources show that Petro Singapore Trading Pte. Ltd., a company previously managed by Rovshan Tamrazov, processed transactions exceeding USD 5 billion in crude oil trades between Azerbaijan and Russia during the 2010–2011 period.
“Financial documents indicate that the company generated a net profit of approximately USD 78 million. Limited public information is available regarding how this revenue was reported to Azerbaijani authorities.
Oilmar DMCC, a Dubai-based logistics and chartering firm, is listed in shipping and trade documents as providing support for transporting and selling crude oil exported from Azerbaijan. Investigative records suggest that shipments included Russian-origin crude oil, which was blended with Azerbaijani Azeri Light and exported to European markets, including Italy and Romania.
The investigation highlights the role of offshore trading entities and complex supply chains, which were used to organize shipments, manage chartering, and coordinate cross-border oil sales. Shipping manifests and trade records associate Oilmar DMCC with multiple cargoes and routes in the Black Sea and Mediterranean regions.
While SOCAR is a state-owned enterprise, investigative sources note that the Azerbaijani branding on oil exports may have obscured the true origin of the crude. Analysts describe this as raising concerns over transparency and accountability in state resource management.
Financial and operational data indicate that the network’s activities involved:
- Processing over USD 5 billion worth of Azerbaijani and Russian crude oil
- Generating USD 78 million in net profits through Petro Singapore Trading
- Coordinating shipments via Oilmar DMCC and other associated firms
- Exporting oil to European markets, including Italy and Romania, under the Azerbaijani label
Authorities emphasize that all individuals are presumed innocent until proven guilty in a court of law. Investigations remain ongoing, and Azerbaijan’s State Security Service (DTX) continues to examine the operations of other network participants and the full scope of transactions.
This case underscores the importance of state oversight and transparency in international energy trade, particularly for state-owned companies such as SOCAR. It also demonstrates the potential reputational and economic risks when large-scale trade networks operate through complex offshore and logistics structures.
Key Facts Recap:
- Arrest: Adnan Ahmadzade, former SOCAR executive
- Financials: Petro Singapore Trading Pte. Ltd., USD 5.18 billion revenue; USD 78 million net profit
- Operators: Rovshan Tamrazov, Maddox SA/DMCC
- Trade Details: Russian-origin crude blended with Azeri Light
- Exports: Italy, Romania
- Oversight: Revenues reportedly concealed from Azerbaijani authorities
- Impact: Raises concerns over economic transparency and state reputation
Adnan Ahmadzade has been arrested by the State Security Service (DTX) in connection with alleged criminal activities. According to ongoing investigations, other members of the network are not yet under review by the State Security Service (DTX).
Investigative reporting by EURO ASIA NEWS highlights a network of companies including Maddox DMCC, Maddox SA, Oilmar DMCC, and related offshore trading entities, involved in the resale and transit of Russian-origin crude oil between 2023 and 2025. Shipments were reportedly routed through Ukraine, Romania, and Italy, in some cases using certificates of origin that differed from actual supply sources (EUAsia News, 18 Dec 2025, 8 Dec 2025, 8 Nov 2025).
Other individuals linked to management or operational roles in the network include Rovshan Tamrazov,Nubar Aliyeva, Olena Perrin, Turab Musayev, and Maryam Almaszade, former Geneva director at SOCAR Trading. Investigators are reviewing complex offshore structures, undisclosed profits, and cross-border trading operations, while assessing potential impacts on SOCAR and Azerbaijan’s international reputation.
The investigation concerns the misuse of state resources, undisclosed profits, and complex offshore trading structures, with authorities examining the potential implications for Azerbaijan’s state-owned enterprise and its international reputation.
Facts revealed by international investigative journalists and Maltese media show that the financial mechanisms connected to the Adnan Ahmadzade network, including the activities of individuals such as Rovshan Tamrazov, Maryam Almassazade and Turab Musayev, have caused serious damage to the international reputation of the Republic of Azerbaijan. In particular, following the assassination of journalist Daphne Caruana Galizia, the “17 Black” scandal exposed the involvement of companies such as Crowbar Holdings and Maddox SA/ DMCC in suspicious financial transactions, which were widely reported by international media. The association of these structures with Azerbaijan has contributed to negative global perceptions related to corruption, shadow financial networks, and political influence operations.
Furthermore, according to publicly available and official information, following the arrest of Adnan Ahmadzade, law enforcement and relevant regulatory authorities in the European Union, the United Kingdom, and Ukraine are currently investigating this network’s involvement in Russia-linked oil trading and associated international financial structures. These investigations are reported to be in an active phase, and their results are expected to become publicly visible in the near future.