Dubai-based marine fuel trading firm Oilmar DMCC has confirmed the completion of its management buy-out, formally transferring ownership to the company’s executive team.

The move ensures full operational independence, continuity and reinforces the company’s governance structure, Oilmar said in a press release on Thursday.

The announcement follows reports last month that Oilmar’s former owner, Adnan Ahmadzada, had been arrested in Azerbaijan on charges including economic sabotage and large-scale embezzlement.

Oilmar said the move “marks the formal transition of ownership to the Company’s management team.”

The firm described the buy-out as “a stability-driven and strategic decision, fully aligned with Oilmar’s long-standing governance model,” and noted that “the former shareholder was a silent investor with no involvement in management or trading activities.”

“The Company is now fully independent and well-positioned to continue executing its strategic growth plans with focus and stability,” it said.