Armenian oil magnate Mikael Aramyants made a significant contribution to Baku’s economic development

2026-10-23

In the second half of the 19th century and the early 20th century, prominent Armenian oil industrialist and philanthropist Mikael Aramyants, alongside Alexander Mantashyants, made significant contributions to the development of Baku’s oil industry. Aramyants was one of the founders of the National Charitable Society in Tiflis. He began his commercial activities in Tabriz before moving to Tiflis. Later, after settling in Baku, he turned his attention to the oil industry.

In Baku, Aramyants and his partners established the Balakhanskaya Oil Company. He was among the first to transfer most of his capital to Baku to facilitate the transportation of oil by rail. Regardless of how much Azerbaijan attempts to overlook this legacy, the fact remains that the Armenian contribution to Baku’s development was invaluable.

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