Source: Reuters (via feed)
Saudi-backed Midad Energy has signed a term sheet to acquire sanctioned assets of Russia’s Lukoil. The deal is subject to approval by U.S. regulators, according to sources familiar with the matter. Midad Energy is competing with other bidders, including the private equity firm Carlyle Group, in this high-stakes transaction.
Lukoil faces sanctions that affect its operations and asset holdings. The term sheet marks a significant step in negotiating the sale of these assets. However, finalizing the transaction depends on regulatory clearances due to sanctions. The involvement of multiple parties indicates strong interest in acquiring Lukoil’s assets despite the political and regulatory complexities.
This agreement also highlights the role of Saudi-backed entities in energy asset acquisitions amid geopolitical tensions. The outcome remains uncertain pending regulatory decisions. Meanwhile, the process reflects ongoing shifts in the global energy sector influenced by sanctions and international policies.
The transaction underscores the impact of sanctions on asset ownership and highlights regulatory approval as a key factor in cross-border energy deals.
