Doubling down on the strategy of tapping infrastructure assets to raise tens of billions of dollars, Saudi Aramco is now reportedly considering the sale of a stake in its sulphur business, claimed a Reuters report.
Aramco, the crown jewel of the world’s largest crude exporter, has been seeking outside capital to fund the Kingdom’s ambitious “Vision 2030” diversification agenda amid mounting fiscal pressure. The energy giant has been actively seeking to sell assets, improve efficiency and cut costs.
“The total value of assets from Aramco’s vast infrastructure empire that it may tap for fundraising could reach around USD 50 billion. The venture invited banks to pitch in May for the sulphur deal, known internally as ‘Project Yellowstone’, and could raise up to USD 7 billion,’ Reuters reported.
Sulphur is a byproduct extracted when raw gas is stripped of hydrogen sulphide to make it suitable for export. Aramco sells sulphur through its trading arm, describing itself 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, with Aramco reportedly reviewing which assets would be included before introducing a deal in 2027.
Aramco is over 97% owned by the Saudi government, its sovereign wealth fund PIF and related entities and 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 USD 100 billion Jafurah mega project becoming the centrepiece of executing the ambitions. In 2025, the energy major signed an USD 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, with one estimating the value of the assets involved to be worth up to USD 25 billion. The company is waiting for regional tensions to ease before launching the process, likely in the second half of the year,” Reuters noted.
Reportedly, Aramco’s real estate portfolio is under consideration too, including its headquarters campus. Sales of these assets may further fetch a valuation of around USD 10 billion. The company may also raise around USD 500 million from water infrastructure assets linked to its crude operations, codenamed “Project Hydro”. Water and wastewater infrastructure company Miahona and UAE-based Metito Utilities are among the interested parties.