Exclusive - Sources: Chinese banks provided more than a third of the financing for Aramco's Jafurah project.

SAUDI ARAMCO

SAUDI ARAMCO

2222.SA

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By Hadeel Al-Sayegh

- China's largest state-owned banks have provided billions of dollars in financing for Saudi Aramco's Jafurah shale gas project, three sources familiar with the matter said, without any of their funds investing in the project.

Two sources said Chinese banks provided more than a third of the financing for what could become the largest shale gas project outside the United States, with Bank of China, Industrial and Commercial Bank of China, and China Construction Bank each providing about $1 billion, and the Agricultural Bank of China providing about $750 million.

In August, Aramco signed an $11 billion lease and leaseback agreement for processing facilities with a consortium led by Global Infrastructure Partners, a subsidiary of BlackRock, the world's largest investor.




(Prepared by Sherine Abdel Aziz for the Arabic edition - Edited by Amira Zahran)