Saudi Aramco working with Evercore on gas unit plans

By the Editorial Team · Tuesday, September 29, 2026

Saudi Aramco has hired Evercore Inc. to advise on a major restructuring that would create a standalone gas division, potentially valued at over $100 billion and open to an IPO or minority stake sale. This move aims to unlock value from its gas assets, support large-scale investments like the Jafurah gas field, and generate capital through asset divestitures for shareholder returns and project funding.

Saudi Aramco has engaged Evercore Inc. to provide advisory services on a significant corporate restructuring aimed at establishing a standalone gas division, according to sources familiar with the matter. This potential reorganization could pave the way for new investment opportunities, including a possible initial public offering (IPO) or a minority stake sale, with the gas unit potentially valued at over $100 billion.

The plans, which remain under discussion and could evolve, mark a strategic move by Aramco to unlock additional value from its gas operations. The company has not officially commented on the initiative, nor has Evercore, which previously advised Aramco on its 2019 IPO.

Consulting firm Boston Consulting Group (BCG) is also reported to have played a role in the restructuring blueprint, recommending the creation of a standalone gas business under an initiative codenamed Project Gamma. BCG advised that this spin-off could enhance the valuation of Aramco’s gas assets. The firm did not immediately respond to requests for comment.

This restructuring follows recent reports indicating Aramco’s intentions to reorganize its operations and establish a dedicated gas division with prospects for a future public listing. A valuation exceeding $100 billion for the gas unit would considerably surpass the market value of Aramco’s listed chemicals subsidiary, Sabic, which has seen its share price drop by more than 20% over the past year. The valuation would also exceed the approximately $70 billion Aramco paid to acquire Sabic in 2020.

Alongside the potential restructuring, Aramco is actively seeking to divest assets valued at up to $35 billion to generate capital for shareholder returns and ongoing projects. These asset sales may include portions of its extensive real estate holdings as well as stakes in oil export and storage terminals.

Central to Aramco’s gas growth strategy is the Jafurah unconventional gas field, where the company plans to invest over $100 billion. This project relies on hydraulic fracturing technology to tap into the substantial gas reserves, aiming to increase production capacity and diversify revenue streams amid global energy market shifts.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.