Saudi Midad Energy has emerged as a leading contender to acquire foreign assets of Russia’s Lukoil, leveraging deep political ties with both Moscow and Washington. The Saudi Arabian energy company plans to offer financial compensation for the targeted assets, with funds held in an account until sanctions on Russian entities are lifted. American firms may also participate in the transaction.
Separately, an American company has expressed interest in leasing 194 gas stations from Lukoil’s U.S. refueling network, offering $150 million for the portfolio.
On December 2, Exxon Mobil was reported to have proposed a deal with Iraqi authorities to acquire a 75 percent stake in Lukoil’s West Qurna-2 oil field—a facility producing approximately 470,000 barrels of oil per day. This asset accounts for roughly 0.5% of global oil supply and 9% of Iraq’s total production.
