Interview with Orkhan Rustamov, Founder and CEO of Alkagesta – a global commodity trading house.
The Architect of Alkagesta Growth
Since its founding in 2018, Alkagesta has achieved a remarkable trajectory of consistent growth, expanding its commodity flow to over 7 million metric tons annually across 42 countries. As the maritime sector undergoes its most significant transformation, Alkagesta, under the leadership of its Founder and CEO Orkhan Rustamov, is strategically leveraging this foundation to become a pivotal supplier of Marine Energy.
In this conversation, we explore the strategy behind Alkagesta’s consistent expansion, its commitment to compliance and supply-chain integrity, and how the company is positioning itself to support the future of global marine energy
Table of Contents
Foundation & Consistent Growth — The CEO’s Vision
Bunker Market: Alkagesta was founded in 2018 and has achieved consistent growth through one of the most volatile periods in global trade history. Mr. Rustamov, what were the key foundational principles you established early on that enabled Alkagesta to sustain this trajectory?
Orkhan Rustamov: Our growth is no accident; it is the product of disciplined execution against three principles.
- First, Talent and Empowerment: We handpicked exceptional individuals, equipping them with technological tools and granting them autonomy to operate within a disciplined risk framework. When empowered people are guided by a strong governance model, opportunity transforms into sustained, scalable growth.
- Second, Agility and Integrated Capability: We focused on controlling the critical elements of the supply chain, from sourcing to delivery – supported by our logistics assets including 700,000 m³ of storage capacity. Integration allows us to pivot with market dynamics in real time.
- Third, Integrity and Governance: From day one, we built Alkagesta with structures capable of withstanding volatility, scrutiny, and the evolving regulatory environment. Compliance is not something we react to – it is embedded into our operational DNA, and we continuously align with evolving regulatory changes.
These three pillars—governance, integration, and talent, are the foundation on which Alkagesta has been built.
Bunker Market: You credit the company’s success to the hard work of your global team across 17 offices and representations. How do you cultivate a unified, expert culture that ensures consistency in a business as complex as global commodity trading?
Orkhan Rustamov: The team is our greatest asset. Consistency across 17 offices and representations is maintained through the non-negotiable application of our Code of Conduct and Risk Management frameworks. These guidelines are centralized, uncompromising, and apply equally to every region.
Empowerment follows structure. Once the boundaries are clear, we give our experts autonomy. We foster continuous learning and transparent information flow across the organization. Insights from our Geneva biofuels desk, for example, immediately become available to our teams in Singapore, Malta, or any other hub.
It is this combination, centralized governance and decentralized execution – that ensures unity without limiting innovation. It drives our collective success.
Bunker Market: Alkagesta initially focused broadly on commodity trading but is now directing substantial resources toward Marine Energy. Why is marine energy now a core strategic focus?
Orkhan Rustamov: We view the marine energy transition as the single most significant structural change in the commodity landscape for the next decade. This is not just a commercial opportunity, it’s a strategic evolution.
Our expertise in petroleum products and biofuels positions us as an ideal bridge between traditional fuels and emerging low-carbon alternatives. Our mission is to support the maritime industry by ensuring reliable and compliant supply solutions for sustainable fuels. This is essential for maintaining global trade and for enabling shipowners to meet tightening regulatory demands.
The long-term opportunity is profound, and we are fully committed to leading from the front.
Market Strategy & Global Commitment
Bunker Market: Alkagesta proactively initiated 0.1% ULSFO supply across the Central and Eastern Mediterranean. What gives you confidence that this move will strengthen your leadership in Europe?
Orkhan Rustamov: Our commitment to ULSFO in the Mediterranean is a statement of intent: we lead through compliance, not convenience.
Our confidence stems from our physical control model and precision logistics. Looking ahead, we see strong demand for enhanced specification correction and storage capacity in the Mediterranean. While I cannot disclose specific assets, we are evaluating infrastructure expansions and infrastructure capability extensions – including exclusive terminal agreements and dedicated chartering arrangements – to ensure we can accommodate the standards set by the IMO 2025 regulations and EU’s Renewable Energy Directive for our customers.
Our approach ensures reliability, compliance, and competitive value for our customers.
Bunker Market: Securing storage at the Horizon terminal in Singapore is a major milestone. How crucial is physical control in the APAC region to your risk strategy?
Orkhan Rustamov: In the world’s largest bunkering hub, physical control is everything.
Our storage at the Horizon terminal is a strategic risk-management tool. It insulates us and our clients from bottlenecks, ensures quality control up to the final point of delivery, and supports full supply-chain transparency.
For our global customers, this means reliability, traceability, and the ability to source fuel with confidence, qualities that are increasingly critical in the transition era.
Bunker Market: From a CEO’s perspective, what is the long-term investment roadmap required to scale sustainable marine fuels to align with 2030 and 2050 decarbonization targets?
Orkhan Rustamov: Our roadmap is centered on delivering quick, costoptimal solutions, which is the primary role of a trader in the market. We are focused on scaling biofuels, particularly the supply of B24 and B30 to the marine sector, as they represent the smoothest transition from conventional to nonconventional fuels. Unlike green methanol, ammonia, or LNG, which demand significant infrastructure investment, biofuels require only minor adjustments to existing logistics. This allows us to accelerate adoption, reduce costs, and provide the market with practical, immediate pathways toward decarbonization while maintaining compliance and reliability.
Scaling sustainable marine fuels requires a system that is reliable, compliant, and globally connected, and that is exactly what we are building.
Governance, Compliance & Risk — The CEO’s Accountability
Bunker Market: How do you ensure that Alkagesta’s high governance standards are enforced uniformly across 17 offices and representations?
Orkhan Rustamov: Alkagesta’s governance framework is consistently designed and reviewed by a highly experienced Board, ensuring adaptability to evolving market conditions.
The Executive Committee, reporting directly to the Board, addresses critical matters through dedicated Risk and Compliance & ESG SubCommittees. Decisionmaking is centralized via our core functions and trading desk leads, who continuously monitor adherence to internal rules. This structure demonstrates to our 28 banking partners that we place integrity above expediency.
Our topdown governance culture safeguards our brand, strengthens partner trust, and underpins our longterm sustainability.
Bunker Market: Given increasing global scrutiny, what proprietary mechanisms does Alkagesta use to prevent exposure to high-risk actors?
Orkhan Rustamov: The Group’s has comprehensive framework for compliance and corporate governance, covering KYC and KYT, sanctions and export control, anti-bribery and anti-terrorism, vessel vetting, market abuse, and other key compliance policies. The company utilizes several dedicated software and resources such as World-Check, Sea-Searcher, Purple TRAC, Practical Law and others.
Alkagesta’s compliance team performs continuous, automated screening of counterparties, vessels, and jurisdictions across multiple international watchlists and risk indicators. It demands comprehensive documentation for every cargo flow and proactively blocks any interactions with high-risk elements, including the ‘dark fleet.’
This system ensures that our supply chain remains secure, transparent, and fully compliant.
Bunker Market: How does your approach to structured commodity finance and hedging reinforce Alkagesta’s long-term financial stability?
Orkhan Rustamov: Our partnerships with 28 international banks depend on transparency and disciplined risk management.
We use structured commodity finance to manage capital intensity, and we hedge strategically to eliminate unnecessary exposure. This gives us the liquidity to commit to long-term contracts and the ability to provide price stability for our clients.
Financial resilience is the backbone of reliable supply in today’s volatile markets.
Strategic Commitment & Market Influence
Bunker Market: As a new IBIA member, what reforms will Alkagesta champion to improve fuel quality and transparency?
Orkhan Rustamov: Our membership in IBIA is strategic.
We aim to bridge the gap between regulatory intent and practical implementation. We will advocate harmonized specifications for low-carbon fuels and globally consistent standards for fuel-quality assurance and supply-chain transparency.
Our integrated model, from sourcing to delivery, gives us a unique, practical perspective that we believe can meaningfully support IBIA’s mission.
Bunker Market: What is the next phase of your Mediterranean ULSFO strategy?
Orkhan Rustamov: Our next phase focuses on volume consolidation and delivery efficiency. We are evaluating strategic investments in port-based facilities within key Mediterranean hubs.
This strengthens compliance for IMO 2025 and allows us to manage inventory risk effectively, passing competitive advantages directly to our clients through reliable, long-term contracts.
Bunker Market: How does your Horizon terminal strategy translate into a competitive
advantage for shipowners lifting in Singapore?
Orkhan Rustamov: It provides three critical advantages:
- First, unmatched supply reliability through physical control.
- Second, precision quality control that allow us to meet specialized fuel specifications.
- Third, strategic inventory management that supports stable pricing and term-security for our customers.
This moves us beyond trading; we are a true physical supplier in APAC.
Decarbonization & Future Fuels — The Transition
Bunker Market: What are the top hurdles to scaling sustainable marine fuels from niche to mainstream volumes?
Orkhan Rustamov: There are three:
- Sustainable feedstock availability and certification: We need globally consistent standards to ensure credibility and scale.
- Dedicated marine logistics and storage: Infrastructure must evolve in line with trader demand to enable reliable supply.
- Structured trade finance innovation: Scaling multimillion tons volumes requires significant effort and capital, supported by specialized financial instruments, since volumes are often compartmentalized rather than consolidated into a single large deal.
We are actively working on all three pillars.
Bunker Market: Where is the most necessary capital investment for the low-carbon transition?
Orkhan Rustamov: Our primary investment focus is mid-stream, advanced biofuels blending and segregated storage.
A trader’s role is to connect, de-risk, and ensure delivery. Our responsibility is to guarantee product quality, purity, and certified carbon intensity. Investments across the value chain of logistics are therefore non-negotiable.
Bunker Market: How does Alkagesta ensure authenticity and traceability for every drop of Biomarine fuel?
Orkhan Rustamov: Traceability is the new currency.
Authenticity and traceability are non-negotiable for Alkagesta. We ensure that every drop of Bio marine fuel is backed by certified documentation, digital traceability systems, and independent verification. Our blending operations are integrated with mass balance methodologies, allowing us to track origin, sustainability attributes, and custody transfers in real time. This framework is reinforced by our compliance and ESG Subcommittee, ensuring that governance standards are applied uniformly across all trading desks. By combining technology, certification, and governance, we provide our partners with full confidence that our fuels are both authentic and accountable.
This provides customers with auditable proof of origin, authenticity, and carbon intensity.
Governance, Compliance & Risk — The Scrutiny
Bunker Market: What mechanisms ensure supply-chain integrity across all 17 offices and representations?
Orkhan Rustamov: Supply chain integrity at Alkagesta is safeguarded through a combination of centralized governance, standardized processes, and advanced monitoring systems.
Our Board mandated risk and compliance frameworks are enforced uniformly across all 17 offices, with trading desks and central functions continuously auditing adherence to internal rules. Digital traceability tools and certified documentation ensure that every transaction is transparent and verifiable. In addition, we rely on independent platforms such as WorldCheck, SeaSearcher, Purple TRAC, Practical Law, and others to strengthen due diligence and compliance.
This integrated approach allows us to demonstrate to partners and regulators that integrity is embedded in our operations worldwide and that every trade meets the same strict standards.
Bunker Market: How do you ensure consistent governance across 42 countries where Alkagesta trades?
Orkhan Rustamov: Consistency requires continuous governance.
Mandatory, ongoing compliance training ensures alignment among our 150+ professionals worldwide.
Commercial growth is always balanced by uncompromising adherence to ethical and legal frameworks, safeguarding both our partners and our longterm sustainability.
Bunker Market: How does your financial strategy guarantee continuity of supply amid market volatility?
Orkhan Rustamov: Continuity of supply in volatile markets requires a financial strategy built on resilience and liquidity.
At Alkagesta, we maintain diversified banking relationships with 28 global partners, ensuring access to credit lines across jurisdictions. Our risk adjusted capital allocation prioritizes working capital flexibility, allowing us to secure cargoes even when prices swing sharply. Structured trade finance instruments and hedging policies protect against disruptions, while our centralized treasury continuously monitors exposure.
This disciplined approach guarantees that our clients receive uninterrupted supply, regardless of market conditions.
Forward View — The Conclusion
Bunker Market: Looking ahead five years, how will Alkagesta define its leadership in marine energy?
Orkhan Rustamov: Leadership, for us, is defined by trust.
Volume growth will come naturally, but our true success will be measured by three things:
- First, building the most reliable, transparent supply chain in the industry.
- Second, accelerating the supply of verified sustainable marine fuels.
- Third, setting the benchmark for governance and compliance.
Alkagesta is not simply trading commodities. We are driving responsible, innovative progress through cooperation and synergy, securing the future of global marine energy.
About Alkagesta
Alkagesta is a global commodity trading house specializing in petroleum products, fertilizers, and biofuels. Established in Malta in 2018, the company operates as a multinational enterprise with 17 offices and representations worldwide.
The firm facilitates over 7 million metric tons of commodity flows annually, maintaining partnerships with 28 international banks and conducting trading activities across 42 countries. Its extensive logistics network includes access to more than 700,000 cubic meters of storage capacity across Europe and Asia.
Alkagesta offers fully integrated trading capabilities – from sourcing and storage to delivery, underpinned by robust risk management, compliance, and governance frameworks. The company is privately held and governed by its senior leadership, employing over 150 professionals globally.
Source: Alkagesta