Cengiz Holding and SOCAR continue to pursue the acquisition of the Lukoil Neftohim Burgas refinery in Bulgaria, in the context of the sanctions imposed by the USA.

Cengiz Holding from Turkey, together with the State Oil Company of the Republic of Azerbaijan (SOCAR), does not intend to abandon its plans to acquire the Lukoil Neftohim Burgas oil refinery in Bulgaria. The Turkish publication Patronlar Dünyası reported that the two parties have submitted a joint offer and have reached the final stage of the bidding process. However, on October 23, the U.S. president announced sanctions against Lukoil and its subsidiaries, complicating the process. Lukoil later announced the sale of its international assets to Gunvor Group, but the transaction was blocked by the U.S. Department of the Treasury. Mehmet Cengiz, the owner of Cengiz Holding, stated that his company is analyzing the available legal options and that they are not withdrawing from the process. The estimated investment is $2.5 billion, and the refinery has a processing capacity of 8-10 million tons of oil per year. Cengiz expects the process to be completed in two or three months, aiming for entry into the retail fuel sales market.