LONDON, February 13. /TASS/. Saudi-backed Midad Energy has signed a term sheet to acquire Lukoil’s international assets, Reuters reported, citing three people familiar with the matter.

The agreement, signed in late January, covers all of the targeted assets of the Russian company, the sources said. Meanwhile Midad agreed to place its all-cash offer in escrow while the companies seek the necessary regulatory clearances, including from the US.

"Midad is working to secure necessary regulatory compliance. The bid is viewed as a high-stakes move," said a source familiar with the deal. Neither Lukoil nor Midad commented on this information.

Last October, the US and UK added Lukoil to their sanctions lists, after which the Russian company announced that it intended to sell its international assets, and that it had received an offer from international oil trader Gunvor to acquire Lukoil International GmbH, which owns the Russian company's foreign assets. However, Gunvor later said that it was withdrawing its offer to purchase Lukoil's foreign assets following a statement from the US Department of the Treasury that the agency did not intend to issue Gunvor a license to conduct business and make a profit until the conflict in Ukraine was over.