Aramco, seeking tens of billions of dollars, lines up more asset sales: sources

[DUBAI] Saudi Aramco is considering the sale of a stake in its sulphur business, three sources with knowledge of the matter told Reuters.

This extends a strategy of tapping its infrastructure assets to raise tens of billions of dollars.

Aramco, the crown jewel of the world’s largest crude exporter, has been seeking outside capital to fund the kingdom’s ambitious diversification agenda amid mounting fiscal pressure.

The oil giant has been actively seeking to sell assets, improve efficiency and cut costs, it was reported in 2025.

The total value of assets from its vast infrastructure empire that it may tap for fundraising could reach around US$50 billion, according to one of the sources and Reuters calculations.

The world’s biggest energy firm invited banks to pitch in May for the sulphur deal, known internally as Project Yellowstone, the sources said, and could raise up to US$7 billion, one of them added.

Aramco declined to comment.

Sulphur is a by-product extracted when raw gas is stripped of hydrogen sulphide to make it suitable for export. The company sells sulphur through its trading arm, describing itself on its website as one of the largest exporters from the Gulf and Red Sea region.

The assets for potential sale centre around sulphur storage and export terminals, the three people said. One added that Aramco is still reviewing which assets would be included, and a deal would not be launched before 2027.

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Other assets for sale

The government, its sovereign wealth fund and related entities, own more than 97 per cent of Aramco. The oil giant is the biggest single revenue source for the kingdom through dividends and royalties.

The company is aiming to become a major global natural gas player, with the US$100 billion Jafurah mega project the centrepiece of its ambitions.

In 2025, it signed an US$11 billion lease and leaseback agreement involving the Jafurah gas processing facilities, with a consortium led by BlackRock’s Global Infrastructure Partners.

Aramco is also weighing a deal involving its oil export terminals, two of the sources said, with one estimating the value of the assets involved to be worth up to US$25 billion.

The company is waiting for regional tensions to ease before launching the process, likely in the second half of the year, the person added.

Aramco’s real estate portfolio is under consideration too, including its headquarters campus, two sources said, indicating a valuation of around US$10 billion.

It could raise around US$500 million from water infrastructure assets linked to its crude operations, code name Project Hydro, two sources noted.

Water and wastewater infrastructure company Miahona and United Arab Emirates-based Metito Utilities are among interested parties, two sources said.

Metito declined to comment on the Aramco assets, but said it regularly evaluates opportunities across its markets. Miahona did not immediately respond to a request for comment.

The four sources spoke on condition of anonymity because the talks are private. Reuters previously reported that Aramco was working to sell gas-fired power plants worth at least US$4 billion. REUTERS