Saudi Aramco has signed an $11 billion lease-and-leaseback agreement for gas processing facilities at its vast Jafurah unconventional gas project with a consortium led by Global Infrastructure Partners, part of BlackRock.
The deal will see the investors fund infrastructure at Jafurah, a key development in Aramco’s push to boost Saudi Arabia’s natural gas output by more than 60% by 2030.
The project is central to the kingdom’s strategy to expand gas supply, reduce reliance on oil for domestic energy, and support industrial growth.
The Jafurah field, one of the world’s largest unconventional gas resources, is expected to produce significant volumes of gas and liquids, supporting both domestic consumption and potential export opportunities.