Saudi Aramco Signs $11B Jafurah Gas Deal With Global Investors
Saudi Aramco has signed an $11 billion deal for its Jafurah gas processing facilities with a group of international investors led by Global Infrastructure Partners (GIP), which is owned by BlackRock.
As part of the deal, a new company called Jafurah Midstream Gas Company (JMGC) will lease two facilities—the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility. JMGC will then lease them back to Aramco for 20 years.
In return, Aramco will pay JMGC a fee for the right to process raw gas from Jafurah. Aramco will own 51% of JMGC, while the GIP-led group will own 49%.
Amin H. Nasser, Aramco’s president and CEO, said phase one production at Jafurah will start this year and later phases are progressing well. He added that Jafurah will be important for Saudi Arabia’s petrochemical industry and could also help power AI data centers in the country.
The deal attracted investors from Asia and the Middle East. It will not affect Aramco’s production levels but is expected to help manage its assets better. The transaction should be completed once all closing requirements are met.
This is not the first partnership between Aramco and BlackRock. In 2022, they also worked together on a stake in Aramco Gas Pipelines Company.
Jafurah is the largest gas field in Saudi Arabia that is not connected to oil production. It holds about 229 trillion cubic feet of gas and 75 billion barrels of liquids. It plays a major role in Aramco’s goal to boost gas production by 60% between 2021 and 2030.
In the first half of this year, Aramco’s revenue fell 7.9% to $223 billion due to lower oil prices. Net income dropped 13.6% to $48.7 billion, while operating costs decreased slightly to $127.5 billion.
Published: 18th August 2025
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