Saudi Arabia’s Midad Energy has positioned itself as one of the leading bidders for Russian oil giant Lukoil’s international portfolio, valued at approximately $22 billion.

The assets include oilfields, refineries, and thousands of fuel stations worldwide, attracting interest from about a dozen investors such as Exxon Mobil, Chevron, and private equity firm Carlyle, according to sources familiar with the matter.

Lukoil is seeking to offload its foreign operations after sweeping U.S. sanctions imposed in October severely disrupted its business, part of Washington’s broader effort to pressure Moscow over the war in Ukraine.

Both Midad Energy and Lukoil declined to comment, while the U.S. Treasury did not immediately respond to inquiries.

Midad Energy’s chief executive, Abdulelah Al-Aiban, is closely connected to Saudi Arabia’s political establishment. His brother, Musaed Al-Aiban, serves as the kingdom’s national security adviser and participated in U.S.-Russia peace talks earlier this year. Their father, Mohamed Al-Aiban, was Saudi Arabia’s first intelligence chief.

The bid comes amid deepening U.S.-Saudi economic cooperation under President Donald Trump. In 2025 alone, Riyadh and Washington signed agreements spanning defense, energy, and technology, with Saudi Arabia pledging investments of up to $1 trillion.

Midad Energy has been pursuing aggressive expansion, highlighted by a $5.4 billion deal with Algeria in October. Its proposal for Lukoil involves an all-cash offer, with funds held in escrow until sanctions on the Russian company are lifted. Sources suggest U.S. firms could be involved in the transaction.

Geopolitical hurdles remain significant. The U.S. Treasury has already blocked bids from trading firm Gunvor and U.S. bank Xtellus Partners. Sanctions also target fellow Russian oil major Rosneft, barring U.S. citizens from dealings, freezing U.S.-based assets, and cutting off financing channels.

Lukoil faces a January 17 deadline to finalize the sale under the latest Treasury directive.