BlackRock’s GIP Leads $11 Billion Deal for Saudi Gas Assets

A BlackRock Inc.-led group signed an $11 billion lease deal involving Saudi Aramco natural gas facilities as the state producer seeks to raise cash from infrastructure assets.

A group led by BlackRock’s Global Infrastructure Partners unit will lease infrastructure that serves the Jafurah gas project and lease them back to Aramco for 20 years, according to a statement. Aramco is developing the over $100 billion Jafurah project to supply fuel to domestic power plants as well as for export.