Clifford Chance Advises Lenders on $11 Billion Aramco Jafurah Gas Deal
Clifford Chance has advised lenders on an $11 billion lease-and-leaseback with Saudi Aramco, backing a Global Infrastructure Partners-led consortium in the Jafurah gas project, a cornerstone of Saudi Arabia’s energy strategy.
The newly formed Jafurah Midstream Gas Company (JMGC) will lease rights to two major assets, the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, before leasing them back to Aramco.
In return, Aramco will pay a tariff for processing and treatment services over a 20-year period.
The structure allows Aramco to release capital while retaining operational control, offering investors stable, long-term returns. Aramco holds a 51% stake in JMGC, with 49% owned by the GIP-led consortium, now part of BlackRock, highlighting international appetite for Gulf energy assets.
Clifford Chance has advised lenders through a cross-border team spanning Abu Dhabi, Dubai, London, Luxembourg, and Riyadh (AS&H Clifford Chance), led by partner Chirag Sanghrajka, who called the deal a milestone requiring innovative structuring and collaboration.
Saudi Aramco, headquartered in Dhahran, is the world’s largest integrated energy and chemicals company. Majority state-owned, it produces more oil than any other firm globally and operates across the full hydrocarbon chain, from exploration and production to refining, distribution, and petrochemicals. As a cornerstone of Saudi Arabia’s Vision 2030, Aramco is central to both the Kingdom’s economy and global energy markets.
Clifford Chance is a global law firm with over a century of history and a presence in 23 countries through 34 offices. A member of the prestigious Magic Circle, the firm is recognized for its deep expertise in banking, corporate law, finance, dispute resolution, and tax. It advises a broad spectrum of clients, including multinational corporations, financial institutions, governments, and not-for-profits by combining international best practices with local market insight. Known for its collaborative culture and forward-thinking approach, Clifford Chance delivers innovative, high-quality legal solutions across every major industry and sector.
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