Aramco signs $11 billion Jafurah deal with BlackRock-led consortium
Under the deal, a newly formed subsidiary, Jafurah Midstream Gas Company (JMGC), will lease development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, and lease them back to Aramco for 20 years, the Saudi company added in a statement.
This is the latest in a series of financial arrangements, akin to borrowing, that allow Gulf oil producing countries to raise money to diversify their economies while promising investors a stable revenue stream.
The $100 billion Jafurah project, potentially the biggest shale gas project outside the United States, is central to Aramco's ambitions to become a major global player in natural gas and boost its gas production capacity by 60% by 2030 from 2021 levels.
Jafurah is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion Stock Tank Barrels of condensate.
Aramco will hold a 51% majority stake in JMGC, with the remaining 49% held by investors led by GIP, Aramco said.
In July, two sources told Reuters the state oil company was close to securing around $10 billion from a BlackRock-led group to invest in Jafurah's infrastructure.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
3 hours ago
- BBC News
Aberdeen energy generating waste plant set to open after shutdown
A new £150m energy generating waste plant in Aberdeen could return to operation within the next week after being shut down for nearly two months, BBC Scotland News facility in East Tullos was opened in April last year but then closed in Indaver previously confirmed it was reviewing its future involvement in the project, citing "ongoing issues", and the incinerator is still not accepting waste it is understood an agreement has been reached which will see EFW Ness Ltd running the facility moving forward. This may see a return to full operations shortly, although no date has been a result of the shut down, non-recyclable waste from Aberdeen, Aberdeenshire and Moray has been being sent to landfill in Peterhead. It has led to some delays to bin collections over recent incinerator is used by Aberdeen, Aberdeenshire and Moray councils for non-recyclable waste, to reduce the amount sent to project is also designed to generate heat that is used in thousands of nearby homes. Aberdeen City Council, Indaver and EFW Ness have been approached for official councillor Deena Tissera said: "It is encouraging that the energy from waste plant is close to reopening following the recent dispute."However, the fact remains that the council was blindsided by the announcement - a situation that raises serious concerns about communication and oversight."She added that "serious lessons" must be learned, and that any losses incurred by the council were reimbursed. Landfill ban In June, the BBC's Disclosure was told up to 100 truckloads of Scotland's waste would be moved each day to England once a landfill ban comes in at the end of the Scottish government is banning black bag waste from being buried in landfill from 31 December, but acknowledged that there were not enough incinerators to meet the extra ban, which covers biodegradable municipal waste (BMW), will apply to almost all domestic and commercial ministers said any export of waste should only be viewed as a "short-term solution".The ban was originally meant to be in place by 2021 but was delayed because of the Covid pandemic and concerns that businesses were not ready.
Reuters
3 hours ago
- Reuters
Orta Asya Investment Holding Releases Strategic Update Following $6.2 Billion Hydropower Agreement With Kyrgyz Republic
BISHKEK, Kyrgyzstan, August 15, 2025 (EZ Newswire) -- Following the public announcement made on August 11, 2025 by İhlas Holding, opens new tab regarding two major investment agreements signed between Orta Asya Investment Holding, opens new tab and the Government of the Kyrgyz Republic, Orta Asya today issued a strategic update detailing the international relevance and long-term sustainability vision of the landmark hydropower initiative. The agreements, which encompass the development of six utility-scale hydropower plants across two distinct cascades totaling 2,217 MW in installed capacity, mark one of the most significant private-sector energy investments in the region's history, with a total capex of approximately $6.3 billion (U.S.). In a statement released today, Orta Asya Investment Holding emphasized the project's alignment with the EU taxonomy for sustainable activities, underlining its eligibility for future green financing mechanisms and international partnerships. It is emphasized that the investment is viewed not only as the implementation of an infrastructure project but also as a major step toward enabling Central Asia's clean energy transition in line with global sustainability frameworks. The investment is characterized as a 'transformative initiative,' developed in close collaboration with the Kyrgyz government, with a commitment to transparency, international best practices and long-term impact. Strategic Framework and Green Investment Relevance Structured under long-term, 20-year power purchase agreements (PPAs) with full sovereign guarantees and backed by comprehensive fiscal incentives, the projects have been officially recognized by the Kyrgyz Republic as 'national investment projects,' underscoring their critical role in advancing energy security, climate resilience and inclusive economic growth. Both hydropower clusters are designed in full alignment with the EU taxonomy, contributing directly to SDG 7 (affordable and clean energy) and SDG 13 (climate action). Once operational, the projects are expected to generate more than 9 billion kWh annually, displacing an estimated 5.2 million tons of carbon dioxide equivalent emissions per year compared with coal-based generation alternatives. In addition to stabilizing regional power grids, the hydropower assets will serve as key enablers of cross-border energy cooperation and support the objectives of the EU-Central Asia Global Gateway strategy, which emphasizes green investment and resilient infrastructure across the region. Institutional Oversight and Project Management To ensure disciplined execution, transparency and adherence to international standards from the outset, Orta Asya Investment Holding has appointed Hill International as the independent project management office (PMO) for both hydropower cascades. This early engagement reflects Orta Asya's commitment to institutional-grade governance, with clearly defined oversight structures and quality assurance protocols embedded throughout the project life cycle. As a globally recognized infrastructure consultancy, Hill International supports the implementation process through integrated planning, performance monitoring and risk management systems, helping safeguard delivery targets and investor confidence. Project Breakdown Kazarman Hydropower Cascade (Jalal-Abad Region) – 912 MW Kokomeren Hydropower Cascade (Chuy & Naryn Regions) – 1,305 MW Platform for Institutional Partnerships and Climate Finance Feasibility studies for both project clusters have already begun. As this work progresses, Orta Asya Investment Holding will initiate formal engagement with international financial institutions (IFIs) and development finance institutions (DFIs) to explore strategic financing collaborations. Parallel outreach to ESG-aligned institutional investors, export credit agencies (ECAs) and Tier-1 EPC contractors and turbine manufacturers is also underway, with the goal of securing partnerships that reflect the project's long-term vision and sustainability goals. Key project de-risking elements include: About Orta Asya Investment Holding Orta Asya Investment Holding is a Central Asia-focused energy and infrastructure platform, developing sustainable, high-impact projects in partnership with host governments, multilateral institutions and private-sector investors. Orta Asya Investment Holding is backed by leading shareholders including İhlas Holding and is committed to delivering climate-resilient, economically viable infrastructure across emerging markets. For more information, visit opens new tab. Media Contact Abdullah Tugcu+90 212 454 24 ### SOURCE: Orta Asya Investment Holding Copyright 2025 EZ Newswire See release on EZ Newswire
BBC News
4 hours ago
- BBC News
Flyde Coast wind farm cables works 'could shut down tourism'
Work to to lay miles of energy cables along the Fylde coast could force businesses to close and damage tourism, a local councillor has warned. Under the Morgan and Morecambe Offshore Wind Farms scheme, cables would come ashore near Starr Gate beach, close to Blackpool Airport, before running through the Fylde countryside and then into a battery storage facility in Joshua Roberts, cabinet member for rural affairs, environment and communities at Lancashire County Council, said the proposed route was "detrimental".Morgan and Morecambe, a partnership between energy firms EnBW and BP, said it was committed to minimising the impact of realising the benefits brought by wind farms. Morgan and Morecambe said the offshore wind farms "could generate enough electricity to power the equivalent of around two million UK homes every year".It said: "We recognise that projects of this scale and importance affect local communities. "We remain fully committed to minimising these effects, and it is absolutely right that concerns are considered thoroughly and independently by the examining authority as part of the ongoing examination."But Roberts said: "There are only three routes into Fylde and to shut all those down for this wind farm is just disastrous for the people of Fylde."It's going to close down businesses, it's going to shut down Fylde's tourism industry."Roberts questioned the choice of route, adding: "There are much better alternatives. I feel like Morgan and Morecambe's just done this for ease and for the cheapest route."There are much better alternatives, especially going through Wyre."Let's say the Wyre alternative route is £100m more - they would obviously pick the Fylde one, even though it would shut down businesses and ruin wildlife, and destroy green belt." 'Complete reboot needed' Fylde's Conservative MP Andrew Snowden also expressed his concerns."There is no way that this is an appropriate way to go about doing this," he said."There are far more appropriate routes that have been suggested and we can't seem to get anyone to listen, and the substations don't need to be where they are."Campaigners have suggested an alternative route via Rossall, which would see cables run underground for about 1.5 miles (2km) to the Hill House technology enterprise the levels of opposition, the currently proposed route is the only one being it, new substations would be built in Kirkham and Newton with Scales that will be visible to residents and businesses."We're going to be left with two huge ugly, noise polluting substations slap bang in the green belt," said Snowden. "The whole thing needs a complete reboot."The project is currently in the examination stage, which means people can have their say and attending Levelling Up, Housing and Communities Secretary will ultimately make a final decision about whether the Morgan and Morecambe scheme can go ahead. Listen to the best of BBC Radio Lancashire on Sounds and follow BBC Lancashire on Facebook, X and Instagram. You can also send story ideas to and via Whatsapp to 0808 100 2230.
