Wedoany.com Report-Aug. 16, Saudi Aramco has finalized an $11 billion lease-and-leaseback agreement with a consortium led by BlackRock’s Global Infrastructure Partners (GIP) for midstream facilities tied to the Jafurah gas project in Saudi Arabia. Announced on August 14, 2025, in Dhahran, the deal involves leasing infrastructure to the consortium, which will lease it back to Aramco for 20 years.

A BlackRock Inc.-led group signed an $11 billion lease deal involving Saudi Aramco natural gas facilities.

The Jafurah project, valued at over $100 billion, supports Aramco’s goals of supplying natural gas for domestic power and exports. A new entity, Jafurah Midstream Gas Company (JMGC), will oversee the assets, with Aramco owning 51% and the GIP-led group holding 49%. The agreement preserves Aramco’s production flexibility.

Amin Nasser, Aramco’s President and CEO, said: “Jafurah is a cornerstone of our ambitious gas expansion program, and the GIP-led consortium’s participation as investors in a key component of our unconventional gas operations demonstrates the attractive value proposition of the project.”

Ziad Al-Murshed, Aramco’s Chief Financial Officer, noted on August 5, 2025: “What we’re looking at across the portfolio is to unlock capital that’s locked into relatively low-return, and invest in core activities.” The deal enables Aramco to redirect capital to high-value projects.

BlackRock, with an established office in Riyadh, strengthens its regional presence through this partnership, building on prior investments in Aramco’s 2021 gas pipeline deal and across the Gulf. The Jafurah project, requiring advanced extraction methods, highlights Saudi Arabia’s growing energy market significance.