Saudi firm signs deal to buy Lukoil assets, pending U.S. approval – Reuters

Saudi Arabia’s Midad Energy has signed an agreement to acquire assets of Russian oil major Lukoil, but the transaction is subject to approval by the U.S. Treasury, Reuters reported citing sources.

The move reflects Lukoil’s ongoing efforts to sell foreign assets as it faces Western sanctions, the agency said.

Midad Energy is working to ensure compliance with regulatory requirements, while sources described the proposed deal as politically sensitive and exposed to geopolitical risks.