Aramco closes $11B Jafurah gas deal with GIP-led consortium

Under the deal, Jafurah Midstream Gas Co. (JMGC) — a newly-established Aramco subsidiary — secured development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility

Saudi Arabian Oil Co. (Saudi Aramco) announced today, Oct. 28, the completion of an $11 billion (SAR 41.25 billion) lease and leaseback investment agreement for its Jafurah gas processing facilities with a consortium of international investors, led by funds managed by Global Infrastructure Partners (GIP) — a BlackRock company.

The transaction, first announced in August 2025, unlocks additional value from Aramco’s vast asset base and its operations, the company said in a statement.

Investors participating in the GIP-led consortium include Hassana Investment Co., The Arab Energy Fund (TAEF), and Aberdeen Investcorp Infrastructure Partners, as well as other institutional investors from North and Southeast Asia and the Middle East, it added.

Commenting on the transaction, Aramco’s President and CEO Amin Nasser said, “Jafurah kickstarts our plan to expand our overall sales gas production capacity, which will contribute to Saudi Arabia’s growth ambitions across multiple sectors including energy, artificial intelligence, and major industries such as petrochemicals.”

For his part, GIP’s Chairman and CEO Bayo Ogunlesi stated, “We are pleased to complete this investment in the Jafurah Midstream Gas Co. [JMDC] and the Kingdom of Saudi Arabia’s natural gas infrastructure.”

He added, “Today’s announcement builds upon BlackRock and GIP’s long history of partnership with Aramco to continue to power Saudi Arabia’s development as well as to meet growing demand for cleaner and affordable energy in markets across the world.”

As part of the transaction, JMDC — a newly established Aramco subsidiary — has secured development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, leasing them back to Aramco under a 20-year agreement.

Accordingly, JMGC will collect a tariff from Aramco while granting Aramco the exclusive right to process and treat raw gas from Jafurah. The agreement imposes no restrictions on Aramco’s production volumes.

Aramco maintains a 51% ownership stake in JMGC, with the remaining 49% held by the GIP-led investor consortium.

Jafurah is estimated to contain 229 trillion standard cubic feet (tscf) in raw gas reserves and 75 billion Stock Tank Barrels (STB) of condensate.

Aramco expects on-site production to start in 2025. By 2030, the output capacity would be progressively ramped to up to two billion standard cubic feet per day (BSCFD) of sales gas, 420 million standard cubic feet per day (MMSCFD) of ethane, and 630,000 barrels per day of high-value liquids.