INTERVIEW: Oilmar Talks Stability, Transparency, and the Road Ahead After Ownership Change

Oilmar offices. File Image. Image Credit: Oilmar

Until last month, most conversations involving Dubai-based Oilmar DMCC would likely have revolved around their impressive growth and success. That was until last month when its former owner Adnan Ahmadzada was arrested by Azerbaijan's State Security Service amid various economic allegations.

Oilmar has moved quickly to quell any concerns its bunker business may in any way be impacted and immediately announced it was initiating a management buyout.

Following the deal's completion, Ship & Bunker spoke to Oilmar's Credit and Compliance Team to understand if the allegations have had any impact on its bunker business and what now lies on the road ahead following the change of ownership.

Perhaps most importantly, Oilmar stressed the allegations against its former owner are completely unrelated to its bunker business.

"We can very clearly and openly say that the allegations concerning the former owner are entirely unrelated to Oilmar's activities. Additionally, Oilmar is not under any kind of investigation, legal, regulatory or otherwise," they told Ship & Bunker.

"Oilmar is a bunker trading company in core, not involved in crude oil trading or operations connected to such matters. The alleged allegations circulating in the market relate to crude oil contamination, which falls completely outside Oilmar's business scope.

"Our internal governance framework, including strict compliance and trade control measures, ensures that the company's operations are fully independent and compliant with all international laws and standards."

Ship & Bunker must stress that the accusations against Ahmadzada are just that - accusations.

Still, in an industry where reputation is everything, idle gossip and actual malpractice can be equally harmful. The fact the industry's history books are littered with once-prominent names that failed to successfully handle such challenges is testament to just that.

Oilmar rightly moved quickly to avoid similar fortunes and reassure the market on its position and as far as the company is concerned, it has done exactly that. 

"Those of us who have been in the market for a while have learnt how reactive this market is to any sort of news out there, legitimate or not. This was no different, but fortunately our strong financial position and market reach enabled us to remain unfazed during this period," they said.

"Our focus was to find an effective and efficient solution to isolate the company from these allegations, and we put a lot of effort into making sure that our stakeholders had live updates and transparency on our process. This was key for us to continue operating normally and with the financial and operational stability that characterizes us.

"Our trading activities, supply chain, and customer relationships remain and have remained uninterrupted, and the company's management, systems, and processes have been consistent throughout this period."

We asked Oilmar what changes the market can expect following the change in ownership, and they stressed that its former owner was a silent investor with no involvement in management or trading activities.

"As such, there will be no changes to our customers' experience as a result of the management buy-out," they said.

"The management team has always been responsible for the company's strategy, day-to-day operations, and decision-making. As such, continuity, reliability, and consistency remain at the core of our customer relationships.

"While the management buy-out was a strategic and stability-driven decision, not a change in direction, it has given us a renewed sense of purpose. We are doubling down on our commitment to operational excellence, compliance, and sustainable growth.

"The recent developments have also reminded us of the value of teamwork and resilience, and we are incredibly proud of the way everyone has come together with dedication and focus to keep the ship steady and moving forward."