BAKU, Azerbaijan, October 28. Saudi Aramco announced the completion of an $11 billion lease and leaseback investment agreement for its Jafurah gas processing facilities with a consortium of international investors led by Global Infrastructure Partners (GIP), part of BlackRock, Trend reports.
The transaction, first announced in August 2025, involves investors including Hassana Investment Company, The Arab Energy Fund (TAEF), Aberdeen Investcorp Infrastructure Partners, and other institutional investors from North and Southeast Asia and the Middle East.
Amin H. Nasser, Aramco President & CEO, said the agreement demonstrates confidence in the company’s strategy and unlocks significant value for investors. “Jafurah kickstarts our plan to expand overall sales gas production, supporting Saudi Arabia’s growth across energy, artificial intelligence, and major industries including petrochemicals,” he added.
Under the 20-year agreement, Jafurah Midstream Gas Company (JMGC), a new Aramco subsidiary, secured development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, leasing them back to Aramco. JMGC will collect a tariff from Aramco, while the company retains the exclusive right to process and treat raw gas. Aramco maintains a 51% ownership stake in JMGC, with the remaining 49% held by the investor group.
Bayo Ogunlesi, Chairman and CEO of GIP, highlighted the strategic value of the deal, noting it strengthens Saudi Arabia’s natural gas infrastructure and meets rising global demand for cleaner energy.
The Jafurah project, the Kingdom’s largest non-associated gas development, contains an estimated 229 trillion standard cubic feet (tscf) of raw gas and 75 billion stock tank barrels (STB) of liquids. Production is set to begin in 2025, with a target to reach 2 BSCFD of sales gas, 420 MMSCFD of ethane, and 630 thousand barrels per day of high-value liquids by 2030.