Midad Energy, a low-profile but well-connected private Saudi Arabia firm is in the running for Lukoil’s sanctioned international assets, according to Reuters. Midad Energy’s parent company Midad Holding is a subsidiary of Saudi Arabia’s prominent Al Fozan Holding and its CEO is Abdulelah Bin Mohammed al-Aiban. The Aiban family is prominent in Saudi Arabia, and the Midad CEO’s brother Musaad al-Aiban is a minister of state and National Security Advisor with a formidable reputation, who previously served on the Aramco board.
Midad Energy earlier this year signed a $5.4bn deal with Sonatrach for exploration work in Algeria’s southwestern Illizi Basin, but a play for Lukoil’s sanctioned assets would be on a much larger scale (MEES, 17 October). (CONTINUED - 178 WORDS)