Alkagesta Enters Metals Trading with Navex Joint Venture, Alkanavex

Alkagesta, a prominent global commodity trading house, has broadened its portfolio by forming a joint venture named Alkanavex with French steel trading specialist Navex SAS, as reported by Malta Today and Malta Independent on November 12, 2025. The new entity, headquartered in Malta, signifies Alkagesta's formal entry into the metals trading market.

This initiative comes as energy and commodity firms increasingly diversify into metals, driven by the escalating demand from industrialisation, electrification efforts, and infrastructure development globally, according to Malta Today. Alkagesta views metals as a logical and strategic extension to its existing trading activities in petroleum products and fertilisers. The initial focus of Alkanavex will be on steel, a material critical to global construction and manufacturing sectors.

The collaboration involved a two-year period during which Alkagesta and Navex harmonised their operational frameworks, governance structures, and commercial approaches, as detailed by Malta Independent. Alkagesta will hold a majority stake in Alkanavex, with the legal and operational integration processes currently in progress, according to both publications.

Navex brings extensive industry expertise to the partnership. Founded by veterans with over two decades of individual experience, the company is noted for its rigorous compliance culture, established operational procedures, and a proven trading network. Jean-Pierre Artigala, Navex's Chief Executive Officer, possesses more than fifty years of experience within the steel industry, having held senior positions at major European and international steel groups such as Usinor/Sacilor (now ArcelorMittal). His career encompasses steel manufacturing, global sourcing, and export trading across various regions including the USA, Europe, Brazil, Africa, China, and the Middle East, providing Navex with significant market knowledge and strategic depth, Malta Today highlighted. Navex primarily sources from China, the world's largest steel exporter, supplying long-standing clients in West and East Africa, regions experiencing rapid economic and infrastructural growth.

Pierre Gay, a Member of the Board at Alkagesta, commented on the venture, stating that Alkanavex represents a shared commitment to developing a high-performing, well-governed, and globally competitive steel trading platform, according to Malta Independent. Orkhan Rustamov, CEO of Alkagesta, further added that with careful risk management and robust governance, metals trading serves as a natural progression for the company's activities and presents a substantial growth opportunity.

Alkagesta, established in Malta in 2018, operates as a multinational enterprise with offices and representations across 17 locations worldwide. The company maintains partnerships with 28 international banks and conducts trading operations in 42 countries, managing over 7 million metric tons of commodity flows annually. Its extensive logistics network includes access to more than 700,000 cubic meters of storage capacity across Europe and Asia, supporting efficient and resilient global supply chains, Malta Today reported. Beyond its core activities, Alkagesta also engages in spot trading of petrochemicals, agricultural commodities, and metals, offering fully integrated trading capabilities from sourcing to delivery, underpinned by robust risk management and compliance frameworks.

This strategic move into metals trading reflects a broader trend within the commodities sector where diversification into critical industrial materials like steel is becoming increasingly vital. For participants in commodity trading, energy, bunkering, and shipping, securing supply chains for such foundational materials is crucial, especially as global infrastructure projects and renewable energy initiatives continue to expand. The partnership between Alkagesta and Navex positions the newly formed Alkanavex to capitalise on the demand for steel in rapidly developing regions, leveraging established expertise and financial strength to navigate complex global markets and potentially influence pricing and availability in key supply corridors. The strategic entry into metals by a firm with extensive logistics and financial backing could introduce new dynamics to existing trade routes and supply methodologies within the industrial materials sector. This new venture underscores the ongoing integration of various commodity trading domains as companies seek resilience and growth in an evolving global economy.