Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco)has signed an $11 billion lease and leaseback deal involving its Jafurah gas processing facilities with a consortium of international investors.
The consortium was led by funds managed by Global Infrastructure Partners (GIP), a part of BlackRock, according to a press release.
Jafurah is the largest non-associated gas development in Saudi Arabia, estimated to contain 229 trillion standard cubic feet of raw gas.
Jafurah Midstream Gas Company (JMGC), a newly-formed subsidiary, will lease development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, and lease them back to Aramco for 20 years.
Under the agreement, JMGC will receive a tariff payable by the Saudi oil giant in exchange for granting Aramco the exclusive right to receive, process and treat raw gas from Jafurah.
Aramco will hold a 51% majority stake in JMGC, with the remaining 49% held by investors led by GIP.
Amin H. Nasser, Aramco’s President and CEO, said: “This foreign direct investment into the Kingdom also highlights the appeal of Aramco’s long-term strategy to the international investment community.”
He added: “We look forward to Jafurah playing a major role as a feedstock provider to the petrochemicals sector, and supplying energy required to power new growth sectors, such as AI data centers, in the Kingdom.”
Bayo Ogunlesi, Chairman and CEO of GIP, commented: “Today’s announcement builds upon BlackRock and GIP’s longstanding relationship with Aramco to serve growing market needs for cleaner fuels, energy security and energy affordability.”
Once completed, the transaction will support the optimization of Aramco’s assets and capture additional value from the development of the Jafurah gas field.
In the six-month period that ended on 30 June 2025, Aramco generated net profits amounting to SAR 182.57 billion, while the revenues hit SAR 784.48 billion.
