Saudi Aramco Weighs $50 Billion Infrastructure Sell-Off

The potential sale of a stake in its sulphur business, internally dubbed Project Yellowstone, could net up to $7 billion. This initiative follows a broader strategy to tap into non-core assets to alleviate fiscal pressures. While the company has not finalized the scope of the sulphur deal, it is eyeing a larger portfolio of divestments with an estimated total value reaching $50 billion.

Beyond sulphur, Aramco is weighing the sale of oil export terminals, a move potentially worth $25 billion, though officials are waiting for regional geopolitical tensions to subside before initiating a formal process. The company is also reviewing its real estate holdings, including its primary headquarters, valued at roughly $10 billion. Smaller projects are also underway, such as the sale of water infrastructure assets—codenamed Project Hydro—and gas-fired power plants. These efforts are central to Aramco’s attempt to finance its diversification agenda while maintaining its status as the kingdom’s primary revenue engine.