Oil conglomerate Saudi Aramco has successfully closed a $11 billion deal on Tuesday with an investor consortium led by Global Infrastructure Partners, as per an official press release.
The update comes more than two months after Aramco first announced the partnership with GIC and alongside the company’s agreement with PIF to acquire a minority investment in Humain, a Saudi homegrown AI Startup.
Aramco President and CEO Amin H.Nasser said Jafurah kickstarts the company’s plans to expand the company’s gas production capacity and will contribute to Saudi Arabia’s growth plans.
Alongside the Kingdom’s Public Investment Fund, Aramco forms an important part of the country’s plan to grow the economy under Saudi Vision 2030, which is targeting growth in multiple sectors
Between the initial announcement and the closing, the terms of the deal have remained unchanged—the arrangement being a lease and leaseback deal that will see the oil company give exclusive usage and development rights over the Jafurah mid-stream gas plant, which is expected to start production in late 2026.
Midstream operations in oil and gas often refer to the storage and transportation of crude oil, natural gas, and other refined products. In some cases, they can also involve natural gas processing and refining.
Source: Google Finance
At the time of reporting, Saudi Aramco shares were trading at 25.90 Saudi Arabian Riyals.