Saudi Aramco Strikes $11 Billion Deal for Jafurah Gas Facilities

Saudi Aramco has announced a significant financial move with an $11 billion lease and leaseback arrangement for its Jafurah gas processing facilities. The agreement, signed with a consortium led by Global Infrastructure Partners, marks a strategic step in Aramco's economic diversification efforts.

Under the terms of the deal, the Jafurah Midstream Gas Company, a subsidiary established for this purpose, will manage the leasing of development and usage rights for both the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility. The facilities will then be leased back to Aramco for a period of 20 years.

This initiative is part of Aramco's broader goal to enhance its global presence in the natural gas sector, aiming for a 60% increase in its gas production by 2030. With Jafurah estimated to hold substantial reserves, the project positions itself as one of the largest shale gas undertakings outside the U.S.

(With inputs from agencies.)