June 18, 2026 [Reuters]- Saudi Aramco is considering the sale of a stake ‌in its sulphur business, three sources with knowledge of the matter told Reuters, extending a strategy of tapping its infrastructure assets to raise tens of billions of dollars.

Aramco, the crown jewel of the world’s largest crude exporter, has been seeking outside capital to fund the kingdom’s ambitious diversification agenda amid mounting fiscal pressure. The ​oil giant has been actively seeking to sell assets, improve efficiency and cut costs, Reuters reported exclusively last year.

The total value ​of assets from its vast infrastructure empire that it may tap for fundraising could reach around $50 billion, ⁠according to one of the sources and Reuters calculations.

Aramco invited banks to pitch last month for the sulphur deal, known internally as ​Project Yellowstone, the sources said, and could raise up to $7 billion, one of them added.

Aramco, the world’s biggest energy firm, declined to comment.

Sulphur ​is a byproduct extracted when raw gas is stripped of hydrogen sulphide to make it suitable for export. Aramco sells sulphur through its trading arm, describing itself on its website as one of the largest exporters from the Gulf and Red Sea region.

The assets for potential sale centre around sulphur storage and ​export terminals, the three people said. One added that Aramco is still reviewing which assets would be included and a deal would not ​be launched before next year.

OTHER ASSETS FOR SALE

Aramco is over 97% owned by the government, its sovereign wealth fund and related entities, and is the ‌biggest single ⁠revenue source for the kingdom through dividends and royalties.

The company is aiming to become a major global natural gas player, with the $100 billion Jafurah mega project the centerpiece of its ambitions. Last year it signed an $11 billion lease and leaseback agreement involving the Jafurah gas processing facilities with a consortium led by BlackRock’s Global Infrastructure Partners.

Aramco is also weighing a deal involving its oil export terminals, two of the sources said, ​with one estimating the value ​of the assets involved to ⁠be worth up to $25 billion. The company is waiting for regional tensions to ease before launching the process, likely in the second half of the year, the person added.

Aramco’s real estate portfolio is under consideration ​too, including its headquarters campus, one of the three people and a fourth source said, indicating a ​valuation of around $10 ⁠billion.

It could raise around $500 million from water infrastructure assets linked to its crude operations, code name Project Hydro, two of the people said. Water and wastewater infrastructure company Miahona and UAE-based Metito Utilities are among interested parties, one of the people and another of the sources said.

Metito declined to ⁠comment on ​the Aramco assets but said it regularly evaluates opportunities across its markets. Miahona did ​not immediately respond to a request for comment.

The four sources spoke on condition of anonymity because the talks are private.

Reuters previously reported that Aramco was working to sell gas-fired ​power plants worth at least $4 billion.