Midad Energy plans to acquire Lukoyl assets

Saudi Arabia's Midad Energy company is seen as the main contender to purchase foreign assets belonging to Russia's Lukoyl company. This was reported by Zamin.uz.

According to Reuters news agency, citing three sources familiar with the negotiation process, Midad Energy plans to acquire Lukoyl assets for $22 billion in cash.

At the same time, these funds are intended to be kept in a special account until the sanctions imposed on Russia are lifted. One of the sources indicated the possibility of American companies participating in the agreement process.

Midad Energy's CEO Abdulelo Al-Ayban is the brother of Saudi Arabia's National Security Advisor Musa’id Al-Ayban. Musa’id Al-Ayban took part in negotiations between Russia and the US in February of this year.

Their father, Muhammad Al-Ayban, previously headed the kingdom's intelligence services. Reuters emphasized that Midad Energy's move occurred against the backdrop of increased economic relations between the US and Saudi Arabia.

In 2025, the two countries signed a number of agreements in defense, energy, and technology sectors, during which Saudi Arabia announced its intention to invest $1 trillion. Midad Energy and Lukoyl companies declined to comment on Reuters' inquiries regarding this matter.

The US Treasury Department also did not immediately respond to the agency's request.