Alkagesta has launched Alkanavex, a joint venture with French steel trader Navex SAS, according to Malta Today. This new entity, based in Malta, signifies Alkagesta's formal entry into the metals trading sector, initially focusing on steel. The move is described as a strategic expansion beyond its traditional petroleum products and fertiliser trading activities.
The source states that Alkagesta aims to build an integrated metals trading platform, supported by its risk management and compliance practices. The company has been working with Navex for two years to align operations and commercial models. Alkagesta holds a majority stake in the new venture, with legal formalisation and operational integration currently underway.
Navex, founded by industry veterans, brings a compliance culture and an established trading network. Its CEO, Jean-Pierre Artigala, has over 50 years of experience in the steel industry, having worked with major European and international groups. Navex primarily sources steel from China and supplies customers in West and East Africa.
Pierre Gay, a board member at Alkagesta, stated that the partnership is founded on mutual respect and strategic alignment, representing a shared vision for a competitive steel trading platform. Jean-Pierre Artigala commented that the partnership provides Navex with access to Alkagesta's financial strength and global footprint.
Orkhan Rustamov, CEO of Alkagesta, indicated that steel and metals trading is a natural progression for the company, viewing it as a significant growth engine. He noted Navex's professionalism and long-term track record as key factors in the partnership. Alkagesta, established in 2018, specialises in petroleum products, fertilisers, and biofuels, operating globally with 17 offices.
The company manages over 7 million metric tons of commodity flows annually and has an extensive logistics network, including access to over 700,000 cubic metres of storage capacity across Europe and Asia. Alkagesta also engages in spot trading of petrochemicals, agricultural commodities, and metals, offering integrated trading capabilities.
