The world’s largest American investment company, BlackRock, will invest $11 billion in gas infrastructure at the Jafurah field in Saudi Arabia, reports Baltimore Chronicle, citing Reuters.
Saudi Arabia’s state-owned oil and gas company, Saudi Aramco, has signed an agreement with a consortium led by Global Infrastructure Partners (GIP), which is part of BlackRock, for the lease and reverse lease of gas processing facilities at the Jafurah field. Under the agreement, the newly created Jafurah Midstream Gas Company (JMGC) will acquire rights to develop and operate the gas processing plant at Jafurah, as well as the liquefied natural gas (LNG) fractionation facility, NGL Riyas, and will lease them to Saudi Aramco for 20 years.
This deal is part of a strategy to attract investment to diversify the economies of the Gulf countries, offering investors stable returns. The $100 billion Jafurah project could become the largest shale gas development project outside the United States. This is an important step for Saudi Aramco, which aims to become a global leader in natural gas production and increase its output by 60% by 2030, compared to 2021 levels.
The Jafurah field is estimated to contain 229 trillion standard cubic feet of raw gas (6.5 trillion cubic meters) and 75 billion barrels of condensate.
Saudi Aramco will own 51% of JMGC, while the remaining 49% will be held by investors led by GIP.
Earlier we wrote that Apple ready to increase investment for AI development.