Aramco is evaluating the possibility of involving foreign investors in a $ 110 billion gas project

Saudi Aramco is considering opening the door to one of the world’s largest unconventional gas fields to foreign investors as it seeks to finance a $ 110 billion project to diversify oil sales, sources told Bloomberg.

Sources said Aramco is working with a consulting firm, as it is exploring capital raising for its vast site in the Jafurah region and has initiated preliminary talks with potential investors, including major commodity traders. prime.

He added that the deliberations are in its early stages and Aramco may decide to pursue other ways to raise funds to finance the development of the Jafurah camp.

If the deal is implemented, it will be considered one of the rare times in which Aramco allows foreign investors to own stakes in its oil and gas businesses.

The company began reviewing field work early in questyear, as a prelude to tale potential move, according to the Bloomberg agency reported in April and seen by Al Arabiya.net.

The Jafurah field is one of the Kingdom’s priorities for increasing gas production and reducing dependence on crude oil exports. The site is estimated to contain 200 trillion cubic feet of rich raw gas, and Aramco expects production to start in 2024.

Aramco has increasingly opened its doors to foreign investors since it went public in grant in 2019 to help fund both its $ 75 billion dividend pledge and significant spending requirements in capital account.

The company has completed the sale of a stake in a unit that rents a network of pipelines in the whole kingdom in June, raising $ 12.4 billion. A similar arrangement is in processing phase for its pipelines.

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