Saudi Aramco has entered into an $11 billion lease and leaseback agreement for its Jafurah midstream assets with a consortium led by Global Infrastructure Partners (GIP), which is affiliated with BlackRock. Under the terms of the deal, a newly formed subsidiary, JMGC, will lease development and usage rights for the Jafurah Field gas plant and the Riyas natural gas liquids (NGL) fractionation facility, then lease them back to Aramco for 20 years. Saudi Aramco will retain a 51% stake in the Jafurah midstream project, while the GIP-led consortium, including BlackRock investors, will hold the remaining 49%. This transaction marks a notable move by Aramco to leverage external financing for core energy infrastructure assets and reflects growing global investment confidence in Saudi Arabia's energy sector. The Jafurah project is recognized as the world’s largest unconventional gas project, supporting the Kingdom’s expanding gas demand and long-term value creation.