Saudi Aramco considers a gas spinoff

The plans are a sign of the pressure the company faces to raise cash for the government and draw foreign investment into the kingdom. Saudi Aramco is considering spinning off its growing gas business into a new division and listing part of it, a sign of the pressure the company faces to raise cash for the government and draw foreign investment into the kingdom. The state-controlled oil producer plans to create a third business segment for gas, alongside its upstream and downstream operations, The firm has also been working on plans to raise as much as $35 billion by monetizing other assets, It has previously weighed spinning off its trading unit, insurance arm, and airline. Aramco is in the midst of a $100 billion push to develop the Jafurah field, part of a plan to boost its gas output by more than 80% by 2030, and is also looking to buy stakes in gas assets abroad. Gas has become a major focus for Gulf energy companies, which expect demand for the fuel to last for decades beyond peak sales of oil.