Main points
- Saudi-backed Midad Energy has signed a deal to buy sanctioned assets from Lukoil, but the deal requires approval from US regulators.
- Midad's competition is the American investment company Carlyle, which also claims assets valued at $22 billion.
Another company may buy all of Lukoil's assets / Russian media
Saudi-backed Midad Energy has signed a deal to acquire Russian sanctions-hit assets from Lukoil. It will now face another giant that also has a claim to the assets.
What is known about Midad Energy's desire to buy Lukoil's assets?
The Saudi company must compete with competitors, and the deal depends on approval from US regulators, writes Reuters.
This highlights the Middle East's growing interest in acquiring global oil and refining assets at a discount , even as transactions remain subject to tight regulatory scrutiny and geopolitical risks.
The agreement, signed in late January, covers all of the target assets. Midad has agreed to place its cash offer while the companies seek the necessary approvals, including from the U.S. Treasury Department.
It is known that any final transfer of sanctioned assets to Lukoil would still require explicit US approval, and there is no guarantee that Washington will allow the sale, especially given the current geopolitical tensions and complex compliance checks.
Who else will fight for Lukoil's assets?
In January, it became known that the Russian giant had entered into an agreement with the American investment company Carlyle.
The scope of this agreement does not include assets in the Republic of Kazakhstan, which will remain owned by Lukoil Group and will continue to operate under the relevant license.
By the way, Carlyle Group is a global investment company that, as of the beginning of 2026, manages assets worth $474 billion, writes Reuters.
It is known that Lukoil's global portfolio of shares was valued at $22 billion , so the company could sell it for that price.
The US Treasury Department has already blocked attempts by two other bidders – international trader Gunvor and US bank Xtellus Partners – to acquire Lukoil's assets. The company must sell its assets by February 28.
What is known about the sale of Lukoil assets and the state of the company?
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Lukoil has appealed to the Russian government over the crisis caused by the significant drop in oil prices. The company is seeking to change the formula for the damper mechanism.
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Chevron Corp. and Quantum Energy Partners are joining forces to acquire the international assets of Russia's Lukoil for $22 billion.
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Kazakhstan has also applied to acquire Lukoil's assets through its stake in the country's largest oil fields. The country has asked the US for approval of the deal, claiming it has a preemptive right to buy out the shares.