Green Palm, an entity owned by Global Infrastructure Partners, part of BlackRock, acquired a 49% stake in Jafurah Midstream Gas Company (Jafurah), a subsidiary of Saudi Arabian Oil Company (Saudi Aramco). Jafurah is entitled to tariff payments relating to the processing of certain gas products.
The proceeds of the notes issuance were used to partially refinance Green Palm's existing bridge facility, which had been incurred in connection with the acquisition of its 49% interest in Jafurah.
Jafurah represents one of the largest non-associated gas developments in the Kingdom of Saudi Arabia and forms a key part of Saudi Aramco's strategy to significantly increase its gas production capacity over the coming years.
Our firm provided critical advice from a capital markets, finance and tax perspective, covering a wide range of Luxembourg legal and tax aspects relating to both the GMTN Programme and the notes issuance.
BlackRock is a long-standing client and a global asset manager and technology provider.
