Aramco Gas Restructuring Could Unlock $100 Billion Valuation
Saudi Aramco is reorganizing its gas business under Project Gamma, seeking to create a standalone division that could attract external investment or an initial public offering (IPO). The company has hired Evercore to advise on the restructuring, which aims to increase the value of its expanding gas portfolio. According to media reports, the potential valuation of the gas business could exceed $100 billion.
The proposed gas division would allow Aramco to focus more closely on developing Saudi Arabia's natural gas resources and expand its presence in international liquefied natural gas (LNG) markets. This move mirrors a broader strategy pursued by Gulf state-owned energy companies, which have offered outside investors stakes in selected businesses while retaining operational control.
The restructuring could strengthen Aramco's ability to finance upstream gas development, processing infrastructure, and international LNG investments. If a minority listing or investment transaction proceeds, the move could establish a separately valued gas-focused business with greater financial flexibility.