The Turkish online publication "Patronlar Dunyası" reports that the Turkish company "Cengiz Holding" and Azerbaijani "Sokar" do not intend to give up on plans to buy the "Lukoil" refinery in Burgas.
According to the publication, the two companies were about to sign when the American president announced sanctions against the Russian holding and its subsidiaries, BNR writes.
Now "Cengiz" and "Sokar" are studying the legal possibilities to finalize the deal, writes "Patronlar Dunyas".
„We are talking about an investment of about 2.5 billion dollars. This is a refinery with a capacity of 8-10 million tons and gas stations. We have global competitors, but we are ambitious. We expect this to be finalized within two or three months. If we win, we will enter the fuel and gas station business.“ This was stated by the director of "Cengiz Golding" Mehmet Cengiz.
We recall that „Cengiz Holding“, together with „Sokar“, submitted an offer for the „Lukoil Neftokhim Burgas“ refinery to the Russian energy giant „Lukoil“ in Bulgaria.
The deal hit a major snag on October 23, 2025, when US President Donald Trump announced the inclusion of "Lukoil" and its affiliated companies in the sanctions list. The reason for the decision was the lack of commitment from the Russian side to the peace process in Ukraine.
In an attempt to save its international assets, on October 27, the Russian company announced an agreement with the Swiss trader "Gunvor". However, the US Treasury Department refused a license for the deal, which forced the Swiss company to withdraw its offer.
Mehmet Cengiz pointed out that the consortium has serious global competitors, but remains determined in its intentions. The investors' plans include entering the fuel retail sector if the deal is successfully finalized within the next few months.