Yerevan Confirms Some Companies are in Talks to Import Azerbaijani Oil

An Azerbaijani oil rig in Baku

Armenia’s Deputy Prime Minister Mher Grigoryan on Friday confirmed that he had discussed the possibility of importing oil and oil products from Azerbaijan during a meeting with his Azerbaijani counterpart Shahin Mustafayev when they met to address border delimitation issues in Gabala last week.

“There have been discussions, there are opportunities for cooperation,” Gregoryan told Azatutyun.am when asked whether discussions were already underway with Baku.

Grigoryan was also asked about the volume of Azerbaijani fuel imports and which Armenian companies intend to buy oil from Azerbaijan, at what price is Azerbaijan ready to sell oil and oil products to Armenia, and whether it will be competitive with fuel imported from Russia.

“The further course of action regarding fuel is already part of the aspects of cooperation between private exporters and importers, and the terms of possible transactions will be market-based,” Grigoryan said in response to the aforementioned questions from Azatutyun.

Yet, it was not the Armenian government that publicized the prospects of oil imports from Azerbaijan, but rather Hikmet Hajiyev, the advisor to Azerbaijan’s president, who announced that such discussions were underway with Armenia during an international forum.

He noted that in conjunction with the border demarcation process, the deputy prime ministers discussed certain areas of mutual trade between the two countries, and that one of the areas currently being discussed is the export of oil and oil products from Azerbaijan to Armenia.

Grigoryan did not elaborate to Azatutyun on other areas of trade being discussed with Baku. He simply said, “discussions on other products are still ongoing.”

Armenia’s Economy Minister Gevorg Papoyan confirmed to Azatutyun on Friday that specific Armenian companies that are interested in importing Azerbaijani fuel have already started negotiations with the Azerbaijanis. He did not reveal the names of the companies, citing confidentiality in trade talks.

“At this stage is would be very problematic [to discuss specific companies]. They should declare it themselves as it is their trade secret,” Papoyan said.

Papoyan also deferred a question regarding the compatibility of Azerbaijani oil to the current standards being used in Armenia that are mainly being exported from Russia.

“If it is compatible, it will enter the market, if not, it will not. The state’s job is not to influence competitiveness, the state’s job is to create as many opportunities as possible. The rest is for the private sector to negotiate. These are questions that only the business community can answer,” Papoyan told Azatutyun, adding that when and if, Azerbaijani oil is imported to Armenia the names of the companies involved will be publicized.

Several companies that are leading fuel importers to Armenia have been silent about whether they are in active talks with Azerbaijan.

One of those companies is CPS Energy Group, owned by businessman Ashot Salazaryan. According to the State Revenue Committee, CPS is the seventh largest taxpayer in Armenia. From January to September 2025 it paid 19 billion drams (around $49.7 million). Company officials told Azatutyun they will discuss Azerbaijani oil import prospects when they see fit.

The second largest company is Flash, owned by businessman Barsegh Beglaryan. This company is in 22nd place on the list of largest taxpayers in Armenia, and has paid 11 billion drams (around $28.8 million) in taxes in the past nine months. The company’s general director, Sanasar Beglaryan, who is Barsegh Beglaryan’s son, did not responds to Azatutyun’s questions on Friday.

Max Oil, which imports gasoline and diesel fuel, is in 24th place on the list of largest taxpayers, with about 10 billion drams (around $26.2 million) in taxes paid. According to the state register, the owner of this company is Edgar Pambukyan, the son of former lawmaker from the Republican Party of Armenia, Harutyun Pambukyan.

Another large company is Mega Trade, a subsidiary of Sil Capital, which is owned by the family of ruling lawmaker Khachatur Sukiasyan. The company is 34th on the list of large taxpayers, having paid about 7.3 billion drams (around $19.1 million) in taxes.

Mega Trade is a 50 percent shareholder of Gulf Armenia, which recently entered the market. The other 50 percent belongs to ANIS PETROLEUM, which has foreign shareholders.

According to official data, Armenia imported 490,000 metric tons of fuel last year, 300,000 of which—62 percent—from Russia this year.

Major player in the fuel import market are staying silent. It is not clear which companies exactly have already started negotiations with the Azerbaijanis.