Report: Aramco weighs sulphur asset sale

DHAHRAN, June 18, 2026 – Saudi Aramco is considering the sale of additional infrastructure assets, including a stake in its sulphur business, Reuters reported on Wednesday, citing three sources familiar with the matter.

Aramco has been seeking to monetise its infrastructure portfolio to support Saudi Arabia’s economic diversification plans, and the company has invited banks to pitch for a potential sulphur infrastructure transaction, known internally as Project Yellowstone, which could raise up to USD 7 billion.

The assets under review include sulphur storage and export terminals, with any formal sale process not expected before 2027.

Aramco is also evaluating transactions involving oil export terminals with assets valued at up to USD 25 billion, according to sources. The company is reportedly waiting for regional tensions to ease before launching the process, potentially in the second half of this year.

The company is also reportedly assessing transactions involving its real estate portfolio, including its headquarters campus, which could be valued at around USD 10 billion, as well as water infrastructure for crude production, which could raise approximately USD 500 million.

Reuters reported in 2025 that the company was exploring the sale of pipeline assets and up to five gas-powered power plants.

The total value of infrastructure assets that Aramco may use for fundraising could reach around USD 50 billion, according to one source and Reuters calculations. Aramco declined to comment on the report.

Photo of sulphur loader at Aramco’s Berri facility courtesy of TSK

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