Saudi Aramco has hired Evercore Inc., a global independent investment banking firm, to advise on restructuring its gas operations into a standalone division, potentially paving the way for outside investment or a future IPO/minority listing valued at more than $100 billion. Boston Consulting Group has also advised on the plan, known as Project Gamma, aimed at unlocking value from Aramco’s gas business.
The new division would focus on developing Saudi Arabia’s natural gas resources and expanding Aramco’s international LNG portfolio. The restructuring reflects a broader strategy among Gulf energy companies to attract external capital while retaining control of core oil operations. Aramco is seeking additional funding through asset sales and efficiency measures to support Saudi Arabia’s economic diversification plans.