据知情人士透露，沙特阿美（Saudi Aramco）已聘请Evercore Inc.为其一项重大重组计划提供咨询。该计划旨在创建一个独立的天然气部门，并为该部门未来可能的上市铺平道路。
By Omar El Chmouri, Dinesh Nair and Swetha Gopinath Saudi Aramco has hired Evercore Inc. to advise on a major restructuring that would create a standalone gas division and open the door to a potential future listing of the unit, according to people familiar with the matter.
知情人士表示，拆分该业务有助于为天然气部门引入新的投资，或可能促成首次公开募股（IPO）或少数股权上市，从而使该业务的估值超过1000亿美元。
A split could help bring new investment into the gas unit or potentially lead to an initial public offering or a minority listing valuing the business at over $100 billion, the people said.
由于讨论内容涉及私密信息，知情人士要求匿名。他们表示，相关审议工作仍在进行中，计划仍有可能发生变化。沙特阿美对此拒绝置评。
Deliberations are continuing and the plans could change, said the people, asking not to be identified discussing private information. Aramco declined to comment.
Evercore也拒绝置评。这家投资银行曾参与沙特阿美的多项战略举措，包括其2019年的IPO。
Evercore also declined to comment. The investment bank has worked on several of Aramco’s strategic initiatives, including its IPO in 2019.
据知情人士透露，波士顿咨询公司（Boston Consulting Group）也在制定这些计划中发挥了作用，建议沙特阿美将其天然气业务拆分，该项目被称为“伽马计划”（Project Gamma）。知情人士补充称，该公司建议沙特阿美推进此举，以释放更多价值。波士顿咨询公司未立即回应置评请求。
Boston Consulting Group also played a role in developing the plans, according to people familiar with the matter, advising Aramco to split off its gas operations in an effort dubbed Project Gamma. The firm advised the Saudi company to proceed with the move as a way to unlock more value, the people added. BCG didn’t immediately respond to requests for comment.
路透社曾于9月22日报道称，沙特阿美正计划重组其业务，创建一个新的天然气部门，着眼于未来可能的上市。
Reuters reported on Sept. 22 that Aramco was planning to reorganize its business to create a new gas division with an eye to a potential future listing.
如果天然气业务的估值达到1000亿美元或以上，该部门的价值将约为沙特阿美旗下已上市化工部门沙特基础工业公司（Sabic）的三倍，而Sabic的股价在过去一年中已下跌超过20%。这也高于沙特阿美在2020年收购Sabic时同意支付的近700亿美元。
A valuation of the gas business at $100 billion or more would put the unit at about three times as much as Aramco’s listed chemical unit Sabic, which has seen its share price fall by more than 20% over the past year. It’s also more than the nearly $70 billion Aramco agreed to pay in 2020 to acquire Sabic.
沙特阿美正致力于出售价值高达350亿美元的资产，以腾出资金用于国家项目和股息支付。该公司一直在探索出售其庞大房地产投资组合的一部分，以及其石油出口和存储终端的股份。
Aramco is working to sell assets worth as much as $35 billion to free up funds for state projects and dividend payouts. The company has been exploring the sale of a piece of its vast real estate portfolio as well as a stake in its oil export and storage terminals.
阿美公司的天然气业务增长主要依赖于贾富拉（Jafurah）项目。这家石油巨头正在投入超过1000亿美元，利用美国页岩开采技术中的水力压裂（fracking）方法来开发这一非常规天然气田。
Growth in Aramco’s gas business is centered around the Jafurah project. The oil giant is investing more than $100 billion to develop the unconventional field using hydraulic fracturing, or fracking, techniques developed in the US shale patch.
贾富拉项目的第一阶段已于2025年底启动；随着该项目的推进，阿美公司的天然气产量预计将在2030年前增加约80%。
Jafurah, which started its first phase at the end of 2025, and other developments will help Aramco boost gas production by about 80% over the decade through 2030.
到那时，该公司预计从天然气业务中获得的额外现金流将达到150亿美元。不过，这一数字仍远低于其核心石油业务的收益水平——据该公司称，每多生产100万桶石油，其核心石油业务就能带来约100亿美元的收益。去年，阿美公司的日均石油产量为1000万桶。
By then the company targets as much as $15 billion in incremental operating cash flow from the gas business. That would still make it much smaller than Aramco’s core oil production operations, which the company says can generate about $10 billion for every additional 1 million barrels a day the company produces. It pumped on average 10 million barrels a day last year.
对于沙特阿拉伯来说，天然气业务的增长是一个重要的变化：过去该国不得不将有限的天然气资源优先分配给工业用途，并经常在发电厂中使用石油来应对夏季的高温需求和空调系统的用电负荷。新的天然气供应将使每天有约100万桶原油可以用于出口，而这些原油原本会被用于国内发电。阿美公司有望将这些天然气以液化天然气（LNG）的形式出口，或用于数据中心等用途。
Growth in the gas business is a change for Saudi Arabia, which in the past had to allocate limited gas supplies to industries, and regularly burned oil in its power plants to cope with summer heat and air conditioning demand. The new supplies will help free up about 1 million barrels a day of crude for export that would otherwise go to running domestic power plants. Aramco will potentially have extra gas to export either as LNG or through use in data centers.
此外，该公司还在美国墨西哥湾沿岸等地积极开发LNG项目，逐步建立起自己的LNG出口业务网络，为未来的天然气贸易奠定基础。
On top of that, the company is building up a portfolio of LNG contracts from global projects in places like the US Gulf coast, giving it cargoes of the fuel it aims to trade.