Saudi Aramco is considering a potential sale of its specialty chemicals business Arlanxeo, people familiar with the matter said, as the state-owned energy firm ramps up a multibillion-dollar divestment plan. The energy giant is working with an adviser to identify potential suitors for the Netherlands-based synthetic rubber producer, according to the people. Arlanxeo could attract interest from chemicals companies, as well as private equity firms, they said.

The move aligns with Aramco’s broader strategy to streamline operations and focus on core energy assets amid shifting market dynamics. No final decision has been made, and discussions remain in early stages. Arlanxeo, formed from a merger of Lanxess and Aramco’s chemicals units, employs thousands globally and produces performance materials used in tires, adhesives, and industrial applications.

The potential sale reflects growing pressure on integrated energy firms to optimize portfolios and return capital to shareholders.