The Saudi oil and gas group Aramco has finalized an US$11bn lease-and-leaseback investment agreement for its Jafurah gas processing facilities with a consortium of international investors led by funds managed by US-based Global Infrastructure Partners (GIP), part of BlackRock (Aramco press release, 28/10/2025).
- Under the terms of the agreement, a newly established Aramco subsidiary, Jafurah Midstream Gas Company (JMGC), has secured development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility and will then lease them back to Aramco under a 20-year arrangement.
- JMGC will receive a tariff from Aramco while granting it exclusive rights to process and treat raw gas from the Jafurah field. Aramco will retain a 51% ownership stake in JMGC, with the GIP-led consortium holding the remaining 49%.
The Jafurah development represents Saudi Arabia’s largest non-associated gas project, estimated to contain 229 Tcf of raw gas, equivalent to 6,480 bcm, and 75 Gbl of condensate.
Production is expected to begin by the end of 2025, ramping up by 2030 to 2 bcf/d of sales gas (20.7 bcm/year), and 630,000 bbl/d of liquids.