Saudi Aramco is working with Evercore on gas unit plans, Bloomberg News reports

By Reuters News

Sept 26 (Reuters) - Oil producer Saudi Aramco 2223.SE has hired Evercore EVR.N to advise on a restructuring that would create a standalone gas division and open the door to a potential future listing of the unit, Bloomberg News reported on Saturday, citing people familiar with the matter.

Boston Consulting Group also advised Aramco to split off its gas operations in an effort dubbed Project Gamma to unlock more value, the report said.

This could bring new investment into the gas unit or potentially lead to an initial public offering or a minority listing valuing the business at more than $100 billion, the report added.

Saudi Aramco, Evercore, and BCG did not immediately respond to a Reuters' request for comment outside business hours.

Reuters reported earlier this week that the Saudi oil giant plans to reorganise its business to create a new gas division, which would let Aramco use a focused platform from which to develop its natural gas resources domestically and build a liquefied natural gas (LNG) portfolio abroad.

The move is in line with an existing strategy among Gulf state oil companies of offering outside investors parts of their businesses while retaining operational control and largely avoiding opening up their main oil-producing divisions.

Aramco, the world's biggest energy firm, has been seeking outside capital to fund the kingdom's ambitious diversification agenda amid mounting fiscal pressure. The oil giant has been actively seeking to sell assets, improve efficiency and cut costs.

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