Saudi Aramco has signed a landmark $11 billion agreement with an investment consortium led by BlackRock to develop the infrastructure of the Jafurah gas project—one of the largest unconventional gas developments in the Kingdom.
The project aims to boost Saudi Arabia’s natural gas production, support its energy transition plans, and reduce reliance on liquid fuels for power generation, in line with the goals of Saudi Vision 2030.
Under the agreement, the consortium will develop and operate critical infrastructure to process and transport gas from the vast Jafurah field, which is expected to significantly contribute to meeting the Kingdom’s growing domestic energy demand.
The project will also support related gas-based industries, enhancing their global competitiveness. It includes advanced technologies for gas processing and the extraction of natural gas liquids, maximizing value and ensuring optimal resource utilization.
Aramco emphasized that partnering with global leaders like BlackRock reflects strong confidence in Saudi Arabia’s economy and investment environment.
The company reaffirmed its commitment to deploying cutting-edge technologies and implementing the highest environmental standards to ensure project sustainability and minimize carbon emissions.
The Jafurah field is considered one of the largest gas discoveries in the world and is set to play a pivotal role in the Kingdom’s strategy to achieve net-zero emissions by 2060.
By increasing the share of gas—a cleaner energy source—in its energy mix, the Kingdom will strengthen its petrochemical and manufacturing sectors while advancing toward its sustainability goals.
