Aramco closes $11-billion Jafurah midstream deal

DHAHRAN, October 30, 2025 – Saudi Aramco has completed a USD 11-billion lease and leaseback agreement for processing facilities in the Jafurah gas project in Saudi Arabia with an investor consortium led by Global Infrastructure Partners (GIP), Aramco announced on Tuesday.

Under the terms of the transaction, first announced in August 2025, the newly formed Aramco subsidiary Jafurah Midstream Gas Company (JMGC) will retain development and usage rights of the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, and lease them back to Aramco under a 20-year leaseback agreement.

Aramco will retain a 51% stake in JMGC, with the remaining 49% held by the GIP-led consortium, which includes Hassana Investment Company, The Arab Energy Fund, Aberdeen Investcorp Infrastructure Partners and others.

“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, AI, and major industries such as petrochemicals,” said Aramco president and CEO Amin H. Nasser.

Jafurah is Aramco’s largest unconventional gas development and is estimated to hold reserves of 6.49 tcm (229 tcf) of raw gas and 75 billion barrels of liquids. It is set to begin production by Q4 2025 and reach peak output of 56.6 mcm (2 bcf) of gas per day and 630,000 bpd of liquids by 2030.

A part of BlackRock, GIP is a global fund manager specialising in energy, transport and water infrastructure investments.

Photo courtesy of Aramco

Read our latest insights on: