White & Case is advising Saudi Aramco on an $11 billion lease and leaseback deal for its Jafurah gas processing facilities, with a consortium of investors led by Global Infrastructure Partners (GIP), a part of BlackRock, represented by Slaughter and May.
Jafurah is the largest non-associated gas development in Saudi Arabia, and a key component in Saudi Aramco’s plans to increase its gas output by 60% by 2030.
As part of the transaction, a new joint venture—51% owned by Saudi Aramco and 49% by a GIP-led global investment group—will lease the Jafurah Gas Plant and the Riyas Facility, and lease them back to Saudi Aramco for 20 years.
The transaction is expected to close as soon as practicable, subject to customary closing conditions.
White & Case has a long-standing relationship with Saudi Aramco, advising the world’s largest energy company for nearly 75 years.
“Saudi Aramco entrusted the White & Case team with another landmark transaction, demonstrating our long and enduring relationship with this important client of our firm,” said White & Case partner Michael Watson, who led the deal team.
“This deal highlights Saudi Aramco’s continuing status as a market leader in innovative energy investment structures,” said White & Case partner Carina Radford, a member of the firm’s executive committee, who also led on the deal.
In addition to Watson and Radford, London partner Ivan Paskal and Dubai partner Sonia Abdul-Rahman led on the deal, which included a further 12 partners across the global firm’s offices and practices.
Slaughter and May’s London-based team is being led by corporate partner Robin Ogle, and includes energy & infrastructure partner Oliver Moir, finance partner David Hay, and tax partner Gareth Miles.
