• Strong interest from international investors led by GIP highlights appeal of Aramco’s value-maximization strategy
  • Jafurah is on track to start production by year-end

DHAHRAN, Saudi Arabia – Aramco, one of the world’s leading integrated energy and chemicals companies, today 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 funds managed by Global Infrastructure Partners (GIP), a part of BlackRock.

The  transaction, first announced in August 2025, further unlocks additional value from Aramco’s vast asset base and its operations. Investors participating in the GIP-led consortium include Hassana Investment Company, 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.

Amin H. Nasser, Aramco President & CEO, said: “Our agreement with a world-class infrastructure player like GIP and its consortium demonstrates confidence in our strategy and unlocks significant value for investors. 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.”

Bayo Ogunlesi, Chairman and CEO of GIP, said: “We are pleased to complete this investment in the Jafurah Midstream Gas Company and the Kingdom of Saudi Arabia’s natural gas infrastructure. 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, Jafurah Midstream Gas Company (JMGC) — 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. 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, and Aramco maintains a 51% ownership stake in JMGC, with the remaining 49% held by the GIP-led investor group.

Aramco’s progress at Jafurah, the largest non-associated gas development in the Kingdom of Saudi Arabia, continues on track. The project is a cornerstone of Aramco’s strategic gas expansion, which focuses on supplying growing natural gas demand in the Kingdom while investing in global LNG markets.

Jafurah is estimated to contain 229 trillion standard cubic feet (tscf) of raw gas and 75 billion Stock Tank Barrels (STB) of condensate. Production is expected to start in 2025, with the intention of progressively ramping up to 2 billion standard cubic feet per day (BSCFD) of sales gas, 420 million standard cubic feet per day (MMSCFD) of ethane, and 630 thousand barrels per day (MBD) of high-value liquids by 2030.

Contact Information
Aramco Media Relations: media.inquiries@aramco.com
 @aramco 

Global Infrastructure Partners, a Part of Blackrock: mustafa.riffat@blackrock.com 

About Aramco

As one of the world’s leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world. https://www.aramco.com

About Global Infrastructure Partners (GIP), a Part of BlackRock

Global Infrastructure Partners (GIP), a part of BlackRock, is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors.

GIP’s scaled platform has over $189 billion in assets under management. We believe that our focus on real infrastructure assets, combined with our deep proprietary origination network and comprehensive operational expertise, enables us to be responsible stewards of our clients’ capital and to create positive economic impact for communities. For more information, visit www.global-infra.com. 

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