Aug 14 (Reuters) -

Saudi Aramco signed an $11 billion lease and leaseback

agreement involving its Jafurah gas processing facilities with a

consortium led by Global Infrastructure Partners (GIP), part of

BlackRock ( BLK ), it said on Thursday.

Under the deal, a newly formed subsidiary, Jafurah

Midstream Gas Company (JMGC), will lease development and usage

rights for the Jafurah Field Gas Plant and the Riyas NGL

Fractionation Facility, and lease them back to Aramco for 20

years, the Saudi company added in a statement.

This is the latest in a series of financial

arrangements, akin to borrowing, that allow Gulf oil producing

countries to raise money to diversify their economies while

promising investors a stable revenue stream.

The $100 billion Jafurah project, potentially the

biggest shale gas project outside the United States, is central

to Aramco's ambitions to become a major global player in natural

gas and boost its gas production capacity by 60% by 2030 from

2021 levels.

Jafurah is estimated to contain 229 trillion standard

cubic feet of raw gas and 75 billion Stock Tank Barrels of

condensate.

Aramco will hold a 51% majority stake in JMGC, with the

remaining 49% held by investors led by GIP, Aramco said.

In July, two sources told Reuters the state oil company

was

close to securing around $10 billion

from a BlackRock ( BLK )-led group to invest in Jafurah's

infrastructure.