site.btaCengiz Holding Owner Hasn't Abandoned Plans to Purchase Lukoil's Bulgarian Assets

The Turkish company Cengiz Holding has not abandoned its plan to purchase the Lukoil refinery in Burgas, according to the holding’s owner Mehmet Cengiz, who spoke to the online outlet Patronlar Dunyasi (World of Owners).

His comment came in response to a journalist’s inquiry. Back in June, Mehmet Cengiz told the same media that Cengiz Holding and the Azerbaijani company SOCAR had submitted a bid to acquire Lukoil's Bulgarian assets. However, just before reaching the signing stage, U.S. sanctions were imposed on the Russian oil company.

“Just when we were at the stage of signing, the sanctions came. We have not given up. We are exploring what legal actions we can take,” said Mehmet Cengiz, the owner of the holding.

He also discussed with the publication the holding’s plans following a potential acquisition of Lukoil’s refinery in Burgas.

“It’s an investment worth USD 2.5 billion. The refinery’s capacity is 8-10 million tons, and it includes gas stations. We have world-class competitors, but we are determined. We expect results within two to three months. If we succeed, we will enter the fuel and gas station business,” said Mehmet Cengiz.

The publication notes that Lukoil is the second-largest oil refiner in Russia, processing about 2% of the world’s crude oil.

Mehmet Cengiz’s comments come shortly after another development involving Lukoil, when the Swiss-based Gunvor Group withdrew its bid to purchase Lukoil’s assets after the U.S. Department of the Treasury opposed the deal.