Aramco looking to sell sulphur business

Saudi Aramco is reportedly considering the sale of a stake in its sulphur business as the state-controlled energy group expands a wider drive to unlock cash from infrastructure assets and support Saudi Arabia’s investment-heavy economic transformation. The potential transaction, known internally as Project Yellowstone, could raise as much as $7 billion and would cover assets linked to sulphur storage and export terminals.

The plan marks another step in Aramco’s shift towards monetising parts of its vast asset base while retaining operational control over core oil and gas activities. The company is examining a broader package of possible disposals that could raise about $50 billion, including oil export terminals, real estate, water infrastructure and power assets. The strategy reflects pressure on the kingdom’s finances as Riyadh pursues large-scale projects under Vision 2030 while managing fluctuating oil revenue and heavy spending commitments.

Aramco’s large upstream, refining and gas-processing network gives it a significant position in the global sulphur market, where Middle East producers play an important role in seaborne supply.