Chinese state banks have committed over USD 3.7 billion in debt financing to Saudi Aramco’s USD 11 billion Jafurah shale gas project, accounting for more than one-third of the total funding. Major lenders include Bank of China, ICBC, China Construction Bank, and Agricultural Bank of China. However, Chinese sovereign funds declined to invest in the equity portion led by BlackRock’s Global Infrastructure Partners, citing geopolitical tensions and policy guidance to avoid U.S.-linked private equity. The Jafurah project, central to Saudi Arabia’s plan to boost gas output by 60% by 2030, involves a 20-year leaseback deal. Aramco retains 51% of the midstream entity, while BlackRock’s consortium holds 49%.
China’s banks lend to Saudi gas project while its funds sit out of BlackRock-led deal
