BlackRock has signed an $11bn deal to lease and leaseback natural gas processing facilities in Saudi Arabia, as part of state-owned energy company Saudi Aramco’s plans to bring foreign capital to the kingdom.
Saudi Aramco on Thursday signed the 20-year deal to lease plants that process natural gas in the Jafurah basin to an investment group led by Global Infrastructure Partners, the private investment firm BlackRock acquired last year.
As part of the transaction, the consortium will lease the facilities back to Aramco. A new Aramco subsidiary, known as Jafurah Midstream Gas Company, will hold the assets with the state-owned oil group owning 51 per cent of the division. GIP and its co-investors will own the remaining 49 per cent.
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