Turkish-Azerbaijani consortium could buy Lukoil's business in Bulgaria

A consortium of Azerbaijan's state company SOCAR and Turkish private holding Cengiz is the preferred candidate for the business of Russian company Lukoil in Bulgaria, Dnevnik has reported, quoting Capital. Last month, CEO and co-owner of Cengiz Holding, Mehmet Cengiz said that the deal was not yet completed, but was in the final stages and the sale was expected to take place within 2-3 months. On Wednesday, the government approved an agreement between Bulgaria and Azerbaijan to encourage investments.

The sale includes the country's main refinery in Burgas and Lukoil Bulgaria - a leading fuel trader in Bulgaria with over 220 gas stations. Earlier this month, the Russian ambassador to Sofia, Eleonora Mitrofanova, said that Lukoil's Bulgarian subsidiaries often face pressure from state authorities, BTA reports.

Editor: Miglena Ivanova

Publication in English: Alexander Markov

Photo: BTA