Saudi Aramco has signed an $11bn lease and leaseback deal with a consortium led by BlackRock’s Global Infrastructure Partners (GIP) for the Jafurah Basin unconventional development’s gas processing facilities.
In a 14 August joint announcement, the parties confirmed the establishment of the Jafurah Midstream Gas Company (JMGC), which will “lease development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, and lease them back to Aramco for a period of 20 years.” Aramco will hold 51% in JMGC, with the investment consortium holding the remaining 49%. The deal “is expected to close as soon as practicable.” (CONTINUED - 220 WORDS)