Global law firm White & Case LLP has advised Saudi Aramco on a US$11 billion lease and leaseback deal, involving its Jafurah gas processing facilities, with a consortium of international investors led by funds managed by Global Infrastructure Partners (GIP), part of BlackRock.
“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.
As part of the transaction, Jafurah Midstream Gas Company (JMGC) will lease development and usage rights for the Jafurah Gas Plant and the Riyas NGL Fractionation Facility and lease them back to Saudi Aramco for a period of 20 years. JMGC will receive a tariff payable by Saudi Aramco in exchange for granting the exclusive right to receive, process and treat raw gas from Jafurah.
“The transaction further reinforces our commitment to the Kingdom of Saudi Arabia and its attractive economic landscape,” said White & Case partner Sonia Abdul-Rahman.
Saudi Aramco will retain a 51 percent majority stake in JMGC, with the remaining 49 percent held by a consortium of investors led by GIP. The transaction is expected to close as soon as practicable, subject to customary closing conditions.
“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.
“The Jafurah transaction continues to highlight White & Case as a market leader in the energy and infrastructure sectors,” said White & Case partner Ivan Paskal.
The White & Case team which advised on the transaction was led by partners Michael Watson, Ivan Paskal, Carina Radford (all London) and Sonia Abdul-Rahman (Dubai) and included partners Marcus Booth (Dubai & London), Gary Kashar, Clark Wohlferd (both New York), Inigo Esteve (London), Sami Al-Louzi (Dubai), Nicole Erb (Washington, DC), Strati Sakellariou-Witt (Brussels), Waad Alkurini, Anwaar Alshammari, Majed Alkuraydis, Abdallah Maher and Karim Mairey (all Riyadh), local partner Aleksandra Stadnik (Abu Dhabi) and associates Mayce Khari, Abdulrahman Moumena, Moayad Al Zahrani, Kahlid Al-Gublan, Husam Azhar (all Riyadh), Joss Cary, Tom Wilkinson (both London), Tomasso Poli (Brussels & Milan), Dara Brown (Washington, DC), Thomas Jacques and Mohamed Dhaif (both Dubai).
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