Saudi Aramco has hired investment bank Evercore to advise on a restructuring that would create a standalone gas division — a move that could open the door to a future listing of the unit valued at more than $100 billion, Bloomberg News reported on Saturday.
According to the report, which cited people familiar with the matter, Boston Consulting Group has also advised Aramco on splitting off its gas operations in an internal effort dubbed Project Gamma, aimed at unlocking more value from the business.
Why It Matters
Reuters reported earlier in the week that the oil giant plans to reorganize its business around a new gas division, which would give Aramco a focused platform to develop its domestic natural gas resources and build a liquefied natural gas (LNG) portfolio abroad.
A listing or minority stake sale could bring substantial new investment into the gas unit without ceding control of Aramco's core oil operations. That fits a well-established pattern among Gulf state oil companies: offer outside investors slices of adjacent businesses while keeping operational control at home and the main oil-producing divisions firmly closed.
The Bigger Picture
Aramco — the world's biggest energy firm — has been seeking outside capital to fund Saudi Arabia's ambitious diversification agenda amid mounting fiscal pressure. The company has been actively selling assets, improving efficiency and cutting costs.
Neither Aramco, Evercore nor BCG immediately responded to Reuters' request for comment outside business hours.
If the carve-out proceeds, the new unit could become one of the largest energy listings in history — and a signal of how the kingdom's oil champion plans to position its gas business for the decades ahead.
Sources: Saudi Aramco is working with Evercore on gas unit plans, Bloomberg News reports — Reuters (https://www.reuters.com/business/en...unit-plans-bloomberg-news-reports-2026-09-26/)
According to the report, which cited people familiar with the matter, Boston Consulting Group has also advised Aramco on splitting off its gas operations in an internal effort dubbed Project Gamma, aimed at unlocking more value from the business.
Why It Matters
Reuters reported earlier in the week that the oil giant plans to reorganize its business around a new gas division, which would give Aramco a focused platform to develop its domestic natural gas resources and build a liquefied natural gas (LNG) portfolio abroad.
A listing or minority stake sale could bring substantial new investment into the gas unit without ceding control of Aramco's core oil operations. That fits a well-established pattern among Gulf state oil companies: offer outside investors slices of adjacent businesses while keeping operational control at home and the main oil-producing divisions firmly closed.
The Bigger Picture
Aramco — the world's biggest energy firm — has been seeking outside capital to fund Saudi Arabia's ambitious diversification agenda amid mounting fiscal pressure. The company has been actively selling assets, improving efficiency and cutting costs.
Neither Aramco, Evercore nor BCG immediately responded to Reuters' request for comment outside business hours.
If the carve-out proceeds, the new unit could become one of the largest energy listings in history — and a signal of how the kingdom's oil champion plans to position its gas business for the decades ahead.
Sources: Saudi Aramco is working with Evercore on gas unit plans, Bloomberg News reports — Reuters (https://www.reuters.com/business/en...unit-plans-bloomberg-news-reports-2026-09-26/)
