BlackRock Consortium Secures $11 Billion Jafurah Gas Deal with Saudi Aramco

BlackRock’s Global Infrastructure Partners (GIP) has led an $11 billion lease-and-leaseback deal with Saudi Aramco for the Jafurah Gas Project, one of the most significant infrastructure transactions in the global energy sector [1]. The deal forms the Jafurah Midstream Gas Company (JMGC), with Aramco retaining a 51% stake and operational control, while the BlackRock-led consortium holds the remaining 49% [2]. This strategic collaboration aligns with Saudi Arabia’s 2030 Vision and aims to accelerate revenue generation by monetizing key energy assets [3].

The Jafurah Gas Project, the world’s largest unconventional gas field, is a cornerstone of Saudi Arabia’s energy transition strategy. The deal is expected to increase the kingdom’s gas production to 13 billion cubic feet per day by 2030, reducing reliance on crude oil for domestic power generation by 350,000 barrels per day and cutting emissions by 20% [4]. Additionally, the project supports carbon capture and blue hydrogen initiatives, reinforcing its contribution to global decarbonization efforts [5].

For the BlackRock-led consortium, the 20-year lease structure includes guaranteed throughput and sovereign-backed tariffs, ensuring stable returns even amid market fluctuations. The project’s low methane emissions rate of 0.05%—among the lowest globally—aligns with ESG investment principles, enhancing its appeal to institutional investors [6]. The consortium is also expected to issue a $3 billion amortizing bond in 2025, reflecting strong market confidence in the project’s financial viability [7].

The $11 billion injection will allow Aramco to advance key initiatives, including carbon capture and hydrogen technologies, strengthening its position in the evolving energy landscape [8]. The deal also builds on a previous $15.5 billion lease-and-leaseback agreement for Aramco’s gas pipeline network in 2021, highlighting a growing partnership between the energy giant and global infrastructure investors [9]. This recurring collaboration underscores a strategic alignment in seeking long-term, stable returns in a transitioning energy market.

Despite its potential, the deal is subject to risks including geopolitical uncertainties and regulatory shifts. However, the long-term lease structure and sovereign guarantees mitigate exposure to short-term volatility. The Jafurah project exemplifies a new model of infrastructure investment, combining private capital with strategic alignment to decarbonization goals [10].

The broader trend of state-owned energy firms leveraging private capital for infrastructure projects is gaining momentum. This approach allows governments to unlock value from assets while accelerating the deployment of cleaner technologies. For global investors, it represents a high-impact opportunity to participate in the energy transition through long-term, strategic projects.

As Saudi Arabia continues its economic transformation, the Jafurah project sets a precedent for future collaborations in the global energy sector. The partnership between Aramco and the BlackRock-led consortium not only delivers immediate financial benefits but also demonstrates how infrastructure investment can align with both economic and environmental objectives.

Source:

[1] [Global Infrastructure Partners](https://www.global-infra.com/news/aramco-signs-us11-billion-jafurah-midstream-deal-with-international-consortium-led-by-global-infrastructure-partners/)

[2] [Aramco](https://www.aramco.com/en/news-media/news/2025/jafurah-midstream-deal)

[3] [AInvest](https://www.ainvest.com/news/aramco-11-billion-jafurah-deal-strategic-pathway-energy-transition-gas-monetization-2508/)

[4] [Saudi Gazette](https://www.saudigazette.com.sa/article/654174/SAUDI-ARABIA/Aramco-inks-$11-billion-Jafurah-midstream-deal-with-GIP-led-consortium)

[9] [ZAWYA](https://www.zawya.com/en/projects/oil-and-gas/aramco-inks-11bln-midstream-deal-for-jafurah-gas-facilities-with-gip-led-consortium-sqoyvhqr)

[10] [World Energy News](https://www.worldenergynews.com/news/aramco-signs-billion-jafurah-agreement-with-blackrock-764445)