Going into the final, ninth, round, five players led the tournament table with 6.5 points each.
One of them was Azerbaijan's Rauf Mammadov who lost his final match to Baku-born Israeli Emil Sutovskiy.
Ashgar Golizade of Iran and Alexey Alexandrov of Belarus could only draw in their final match.
This meant that the encounter between Gata Kamsky and Russia's Boris Savchenko was decisive, as both were on 6.5 points.
Kamsky won to take 7.5 points and a cash prize of $10,000.
Emil Sutovskiy came second and Alexey Alexandrov third. Both had seven points.
Nijat Abasov took top spot amongst the Azerbaijani players, coming fifth with seven points.
A total of 158 chess players from 12 countries took part in the contest in the village of Novkhani, northwest of Baku.