Saudi Aramco is currently assessing what could become its most significant asset disposal to date, exploring the sale of stakes in its critical export and storage terminals. As reported by Bloomberg, the world’s largest oil exporter has invited banks to pitch feasibility studies for the potential transaction, a move that could unlock over $10bn in liquidity.

This review signals a fundamental shift in the state-backed firm's approach to capital allocation and asset control. The targeted assets sit at the very centre of Aramco’s global logistics network, encompassing the Ras Tanura and Ju’aymah terminals on the Persian Gulf, and the Yanbu and Jeddah terminals on the Red Sea coast. The review also extends to international assets, including stakes in product terminals in the Netherlands and leased crude storage hubs in Egypt and Japan (Okinawa).

For executive leadership, the strategic rationale is clear: capital recycling. Aramco is seeking to monetise legacy infrastructure to fund future growth, specifically the capital-intensive development of the Jafurah gas field, expected to reach full capacity by 2030. This follows the template of recent years, where Aramco raised billions through pipeline deals. Bloomberg reports that the company is considering a structure similar to the recent $11bn lease deal for assets linked to Jafurah, which drew heavy interest from global investors seeking exposure to long-lived assets with predictable returns.

The economic context for this potential divestment is pressing. Oil prices have dropped by approximately 20% this year, cooling revenue streams just as the Kingdom’s national development projects demand increased funding. While higher production volumes have softened the impact, they have not eliminated the capital pressure. By bringing external investors into these midstream assets, Aramco can free up balance sheet capacity for priority investment areas without resorting to deeper cost-cutting measures.

If Aramco moves ahead, the implications for the wider energy sector would be substantial. Selling stakes in such strategically sensitive assets would demonstrate a new level of openness to foreign capital within Saudi Arabia’s core energy infrastructure. It would likely attract large institutional investors, such as infrastructure funds and pension managers, who value the steady revenue and transport control these terminals provide.

Discussions remain at an early stage, and Aramco has yet to comment publicly. However, the move to solicit concrete models from banks suggests a serious intent to understand fresh equity options. A formal sales process could launch as early as next year. Should it go ahead, this transaction would not only reset asset valuations across the midstream sector but also serve as a blueprint for other National Oil Companies navigating the transition between legacy oil dominance and a diversified energy future.