Alkagesta, a Malta based energy and commodity trading company, has reached agreement to acquire Energy Petrol, the Istanbul based marine fuel supplier led by Mustafa Muhtaroglu, together with its fleet of eight marine fuel vessels. The transaction has been approved by Turkey’s Competition Authority. Financial terms were not disclosed, and Energy Petrol is expected to continue operating independently.
The deal takes Alkagesta into shipowning for the first time and moves its model from trading bunker fuel to distributing it directly to end users. The company said the acquisition brings its global petroleum products storage capacity to approximately 728,000 cubic metres. Asad Huseynov, its managing director for investments and asset management, said the deal lays the ground for further investments or structured partnerships in infrastructure style assets, and the company is evaluating larger vessels, terminals and other infrastructure.
The scale behind the move is already substantial. Alkagesta supplies approximately 40 percent of Turkey’s marine fuel market of about 2.5 million tonnes a year and roughly 75 percent of Malta’s, and has been expanding marine fuel supply in Singapore, where volumes reached about 250,000 tonnes a month in its first full year. In the first half of 2026 it also secured access to the NATO Central Europe Pipeline System for jet fuel deliveries and completed its first crude oil transactions.