BlackRock is leading a $11 billion deal to lease and rent back natural gas processing facilities from Saudi Aramco, in a boon to Riyadh’s ambitions to attract more foreign investment.
Global Infrastructure Partners, the private investor BlackRock acquired last year, signed the 20-year deal with Aramco on Thursday.
Set to begin production by year-end, the development comes as the kingdom looks to ramp up gas production for domestic use in order to free up more crude oil for sale abroad.
A new joint venture, known as Jafurah Midstream Gas Company, will hold the assets, with Aramco owning 51% of the division, and the investment consortium owning the remaining 49%.