Aramco Plans Major Asset Sale Exceeding $10 Billion

Saudi Arabian Oil Company has entered preliminary talks to sell stakes in key export and storage terminals and possibly parts of its real-estate portfolio, aiming to raise over US$10 billion in what may become its most substantial disposals to date. The oil giant has invited banks to pitch feasibility studies and is weighing financing options that include equity raises or structures resembling the $11 billion lease transaction tied to its Jafurah gas-project infrastructure.

The terminal assets under review span its major crude-export hubs at Ras Tanura on the Persian Gulf and facilities on the Red Sea, along with overseas holdings in the Netherlands, Egypt and Japan. While company representatives have declined to comment, industry analysts view this move as driven by pressure on cash flows amid weaker oil prices—prices which have fallen about a fifth this year—and the need to fund ambitious projects such as the Jafurah development aiming for full capacity by 2030.

The strategy marks a departure from the firm’s prior asset-sales focus—historically narrow pipeline stakes—to broader infrastructure disposals. Those earlier deals, though significant, were considered limited in scope compared to the new review, which covers strategic infrastructure and real-estate assets. Analysts see the plan as reflecting a broader trend among energy-majors to monetise long-term, stable assets as capital is shifted toward growth areas such as gas and chemicals.

Among the possible sale structures under consideration is one mirroring the Jafurah Mid-stream Gas Company lease-back arrangement, where the firm retained a 51 % stake and leased out assets to a consortium led by Global Infrastructure Partners for 20 years. If a formal sales process begins early next year, banks and financial advisers expect a competitive bid environment, given high investor appetite for long-duration infrastructure assets offering stable cash-flows.

The sale of such infrastructure stakes raises key questions about control, governance and alignment with national strategic priorities. Terminals and storage assets represent the logistical backbone of the company’s export operations and have historically been tightly held. Analysts caution that bringing external investors into these assets could dilute strategic oversight even as it unlocks capital. However, supporters argue that such deals can unlock value, improve efficiency, and free up resources for higher-return investments.

From a fiscal perspective, the timing aligns with mounting pressure on the company’s cash-flows and the broader budget of the kingdom. With oil revenue underpinning a large share of government income, any liquidity clamp could slow down national development programmes tied to industrial diversification under Vision 2030. The company’s dividend commitments and capital-expenditure plans are under close scrutiny.

In the international investment community, the move signals increased openness to private capital participation in strategic energy infrastructure. The previous Jafurah deal set a precedent for involving global institutional investors in what were once entirely state-controlled assets. Financial advisers say this may pave the way for other national energy firms to consider similar paths to monetise infrastructure. For investors, the message is clear: infrastructure connected to energy logistics is now being packaged and offered as an asset class, with major players looking to enter.