Armenian philanthropist Alexander Mantashev: Baku’s “oil king”

2026-11-13

Armenian businessman and philanthropist Alexander Mantashyants, known as the “Oil King,” played a significant role in the development of Baku’s oil industry.

Mantashyants was born in Tiflis in 1842. Having developed an interest in business at an early age, the Armenian philanthropist acquired a majority of the shares in the Tiflis Central Commercial Bank following his father's death, becoming its principal shareholder. Recognizing the enormous potential of the oil industry, Mantashyants moved to Baku, where he started oil production and trade. During his business career, he established kerosene and lubricating oil factories in Baku. He also made a major contribution to the development of Baku’s oil industry by financing the construction of the Baku–Batumi oil pipeline. By 1907, the pipeline had reached a length of 835 kilometers.

The history of Baku’s oil industry cannot be told without mentioning Mantashyants, an Armenian by ethnicity, who was among the pioneers and key figures behind the establishment and development of the city’s oil industry.

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