1994 Saab 9000 Aero Turbo;

(see pictures)
In the engine bay, passenger side, one of the main pulleys is oozing a 'rubberized grease'.
Not sure if it is the bushing, if there is a bushing, or what it could be..
The belt is not damaged, and unsure what will happen with the pulley.
Is anybody familiar with the pulley system, or have any insight?

Thanks,
Reid