Inside Aramco's secret 'Project Yellowstone' multi-billion asset sale

Saudi Aramco is laying the groundwork for a massive infrastructure liquidation strategy that could raise up to $50 billion, according to sources familiar with the matter. The state-backed oil giant is seeking outside capital to help fund Saudi Arabia’s aggressive economic diversification plans amid mounting fiscal pressures.

At the center of the upcoming fundraising blitz is "Project Yellowstone," an internal initiative aimed at selling a stake in Aramco's lucrative sulphur business. The company reportedly invited major banks last month to pitch for the deal, which centers on sulphur storage and export terminals and could raise up to $7 billion. Sulphur, a byproduct of raw gas processing, is a major export for Aramco across the Gulf and Red Sea regions. However, any formal launch of the deal is expected to wait until next year, News.Az reports, citing Reuters.

Beyond the sulphur business, Aramco is reviewing several other high-value assets to add to its multi-billion-dollar fundraising pool:

Oil Export Terminals: Valued at up to $25 billion, though the launch is on hold until regional geopolitical tensions ease.

Real Estate Portfolio: A potential $10 billion deal that could include the energy giant's main headquarters campus.

Power & Water Infrastructure: Plans to sell gas-fired power plants worth at least $4 billion, alongside a $500 million water infrastructure deal code-named "Project Hydro."

This aggressive asset-turnover strategy follows Aramco's previous $11 billion leaseback agreement with a BlackRock-led consortium for its Jafurah gas processing facilities. Saudi Aramco, which is over 97% owned by the Saudi government and its sovereign wealth fund, declined to comment on the prospective sales.

News.Az 

By Aysel Mammadzada