Saudi Aramco is finalizing a $10 billion infrastructure investment deal with BlackRock, focusing on its ambitious Jafurah gas project, aiming to significantly enhance gas production by 2030.

Saudi Aramco is reportedly on the brink of sealing a major investment agreement valued at approximately $10 billion with a consortium spearheaded by BlackRock. This group is set to invest in the infrastructure of Aramco’s Jafurah gas project.

This ambitious venture, part of a broader $100 billion initiative, could potentially position Jafurah as the largest shale gas project outside the United States upon its completion. Central to Aramco's vision, this project aims to boost its gas production capabilities by 60% by the year 2030.

The arrangement mirrors two prior infrastructure deals Aramco formulated in 2021, similarly involving BlackRock. In one such deal, BlackRock invested in Aramco's gas pipeline networks, facilitating financial liquidity for the Saudi giant. The Jafurah deal is expected to encompass pivotal assets such as gas pipelines and a gas processing plant.

In 2021, BlackRock partnered with EIG and others to acquire stakes in firms holding leases on Aramco's gas and oil pipelines, subsequently leasing these back for two decades. These agreements generated nearly $28 billion, reflecting a strategic pattern of financial transactions in the region.

This forthcoming deal highlights similar fiscal strategies employed by Gulf nations to fund their economic diversification efforts, while presenting investors with reliable revenue opportunities. As one of Saudi Arabia's primary sources of income, Aramco plays a vital role as the country seeks to diversify its economic structure against a backdrop of fluctuating oil prices and global market uncertainties.