'Saudi Aramco is working with Evercore on gas unit plans'

Saudi Aramco, the world's largest oil producer, has enlisted the advice of consultancy firm Evercore and Boston Consulting Group (BCG) to restructure its gas operations, according to Bloomberg News. This initiative, dubbed Project Gamma, aims to create a standalone gas division, potentially paving the way for a future listing of the unit.

Should this plan materialize, it could attract new investment or lead to an initial public offering (IPO) or minority listing, valuing the business at over $100 billion, as reported by Reuters.

The decision to reorganize its business signals Aramco's commitment to focus on natural gas resources domestically and build an LNG portfolio abroad. This strategy aligns with a broader trend among Gulf state oil companies, who are increasingly offering parts of their businesses to outside investors while retaining operational control. Aramco, which seeks outside capital to fund the kingdom's diversification agenda, has been actively seeking to sell assets, improve efficiency, and cut costs amidst mounting fiscal pressure.