The state-owned energy major is currently evaluating options for its sulfur operations as part of a recurring effort to monetize infrastructure. Analysts estimate the total value of these assets could reach $50 billion, providing the company with significant flexibility. Sulfur has become a high-demand commodity recently, as geopolitical instability in the Middle East curtailed global supply chains, driving up prices and interest from potential investors.

This divestment strategy serves as a critical buffer against persistent downward pressure on oil prices. Despite Aramco’s industry-leading low production costs, Saudi Arabia’s fiscal requirements—driven by an aggressive slate of government projects—necessitate a breakeven oil price exceeding $90 per barrel. Previous efforts to raise capital include an $11 billion deal with a BlackRock-led consortium for lease rights to the Jafurah gas project, as well as ongoing discussions regarding a $10 billion sale of residential real estate assets in Dhahran.