Armenian oil magnate Poghos Ghukasyan played a significant role in the development of Baku’s oil industry

2026-10-28

The Armenian oil industrialist and financier Poghos Ghukasyan moved to Baku at the age of 20. One of his most important business decisions was acquiring the stakes held by Samvel Bagiryan and Harutyun Madatyan in the Caspian Partnership, an oil-producing and trading company, which enabled him to secure a leading position in the oil industry. In 1890, Poghos Ghukasyan was elected chairman of the board of the Baku Congress of Oil Industrialists. In 1897, together with S. Yakovlev, he established the Caspian Pipeline Company with an initial capital of 1 million rubles. His firm, located on Staro-Politseyskaya Street in Baku, was among the first to begin selling a wide range of foreign equipment for the oil industry, including pipes, metal products, engines, and power plants. Poghos Ghukasyan was one of the many Armenian entrepreneurs whose activities left a significant mark on the history of Baku’s oil industry.

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