# Saudi Aramco business restructuring and partnerships

> Live situation record from CLSTR: https://clstr.news/situations/saudi-aramco-business-restructuring-and-partnerships
> Updated: 2026-09-26T16:02:30.000Z. Sources: 9. Developments: 2.

Saudi Aramco is undergoing significant structural shifts involving its chemical and gas business segments. Initially, reports indicated that the American chemical company Dow was considering exiting its $20 billion joint venture, Sadara Chemical, in which it holds a 35 percent stake. Dow’s potential exit, which could involve a buyout by Aramco or other investors, is driven by a desire to restructure its portfolio during a chemical industry downturn and to mitigate risks from regional instability in the Middle East.

Concurrently, Aramco is pursuing ‘Project Gamma’, a major restructuring aimed at creating an independent natural gas business. This new unit, potentially valued at over $100 billion, may eventually undergo an initial public offering or a minority stake sale. A key driver of this expansion is the development of the Jafurah unconventional gas field, which aims to increase production by 80% by 2030 and free up oil resources for international export.

Recent developments indicate that Aramco has engaged investment bank Evercore to advise on the creation of this standalone gas division, with guidance provided by Boston Consulting Group. The initiative is intended to unlock value and build an international liquefied natural gas (LNG) portfolio. In tandem with this restructuring, Aramco is exploring the sale of up to $35 billion in assets, including real estate and interests in oil export terminals, to fund government projects and support dividend payments.

## Claims

- Saudi Aramco has hired Evercore to advise on a potential restructuring to create an independent gas division. (corroborated by 5 sources)
- The potential gas division could be valued at over $100 billion. (corroborated by 5 sources)
- The restructuring could lead to an initial public offering (IPO) or a minority stake sale of the gas unit. (corroborated by 5 sources)
- Boston Consulting Group advised on the gas business split under the name ‘Project Gamma’ to unlock value. (corroborated by 4 sources)
- Aramco is simultaneously working to sell up to $35 billion in assets to fund government projects and dividends. (corroborated by 2 sources)
- The gas strategy is supported by the Jafurah unconventional gas field development. (single source)

## Timeline

### 2026-09-26: Saudi Aramco considers $100 billion standalone gas unit

Saudi Aramco is planning to create a standalone gas division valued at over $100 billion, potentially leading to an IPO or minority stake sale to attract new investment.

7 sources. https://clstr.news/cluster/saudi-aramco-plans-100-billion-natural-gas-unit-restructuring

### 2026-09-09: Dow considers exiting $20 billion Saudi Aramco partnership

Dow is considering selling its 35 percent stake in the $20 billion Sadara Chemical joint venture with Saudi Aramco to restructure its portfolio amid industry downturns and Middle East instability.

2 sources. https://clstr.news/cluster/dow-considers-exiting-20-billion-saudi-aramco-partnership

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Cite as: Saudi Aramco business restructuring and partnerships. CLSTR, https://clstr.news/situations/saudi-aramco-business-restructuring-and-partnerships