Saudi Aramco is considering selling specialty chemicals company Arlanxeo as the Saudi energy company seeks to raise funds through an asset divestment plan worth as much as $35 billion, according to Bloomberg.

Aramco is working with an adviser to identify potential buyers for the Netherlands-based synthetic rubber producer, people familiar with the matter said. Chemicals companies and private equity firms could show interest in the business.

Arlanxeo produces synthetic rubber and specialty elastomers used in products including tires, golf balls and shoe soles. The company operates across Europe, Asia and the Americas.

The potential sale comes as Aramco seeks to generate cash for its investment plans, Saudi state projects and dividend payments. The company has also considered selling parts of its real estate portfolio and a stake in its oil export and storage terminals.

Aramco has increasingly used asset sales, minority-stake transactions and sale-and-leaseback arrangements while maintaining operational control over some infrastructure.

The discussions over Arlanxeo remain ongoing, and Aramco has not made a final decision on whether to sell the company, according to the people familiar with the matter. An Aramco representative declined to comment.

The possible divestment also comes as chemicals producers face weaker demand, excess capacity and high production costs, prompting several major energy companies to review their chemicals businesses.

Aramco took full control of Arlanxeo in 2018 after buying the remaining 50% stake from German chemicals company Lanxess AG for €1.5 billion ($1.75 billion). The acquisition ended the companies’ joint venture and made Arlanxeo a wholly owned Aramco subsidiary.