Saudi Arabia's Midad Energy company has positioned itself among the frontrunners to acquire Lukoil's overseas assets. Reuters reported this development, citing three sources familiar with the negotiation process.
According to the agency, Midad Energy is considering purchasing the assets for $22 billion in cash. Additionally, the funds are planned to be held in a special account until sanctions against the Russian oil company are lifted.
One of the sources disclosed that American companies might also take part in this deal. Midad Energy's CEO, Abdulilah Al-Aiban, is the brother of Saudi Arabia's National Security Advisor, Musaed Al-Aiban.
Musaed Al-Aiban participated in talks between Russia and the United States earlier in February this year. Their father, Mohammed Al-Aiban, previously headed the kingdom's intelligence services.
Reuters noted that Midad Energy's interest in the assets emerged against the backdrop of intensified economic ties between the United States and Saudi Arabia. In 2025, the two sides signed agreements in defense, energy, and technology sectors, with Riyadh expressing the intent to invest up to $1 trillion within this framework.
Both Midad Energy and Lukoil declined to comment on the agency's inquiries. The U.S. Department of the Treasury also did not provide an immediate response to Reuters' request.
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