Saudi Aramco hires Evercore for gas unit
Saudi Aramco has announced the appointment of Evercore to conduct a comprehensive restructuring plan aimed at establishing an independent gas unit, with the possibility of listing it on the markets in the future, and valuing it at over $100 billion. The step involves separating the gas unit to attract new investments and to enhance the value of the gas sector, which is currently a strategic part of the company’s growth, particularly with the Jafurah project targeting the development of unconventional gas fields with investments exceeding $100 billion. The goal is to increase production by 80% by 2030 and generate additional cash flows of up to $15 billion. Aramco's efforts are focused on diversifying its sources of funding through asset sales and developing massive liquefied natural gas projects, while also maintaining resilience amidst economic challenges and global supply pressures.
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