A consortium led by Global Infrastructure Partners, part of BlackRock, is in negotiations with several banks to secure up to $10.3bn in financing for Aramco's Jafurah gas development deal, reported Reuters, citing two sources familiar with the matter.

JPMorgan and Sumitomo Mitsui Banking are among the financial institutions in discussions to support the transaction.

The funding arrangement is expected to be divided into short-term and long-term loans.

Under the terms of the agreement, a new subsidiary, Jafurah Midstream Gas Company (JMGC), will be responsible for leasing the development and usage rights of gas processing facilities within the Jafurah gas field.

These rights will then be leased back to Aramco for a duration of 20 years.

This deal follows last month's $11bn leaseback agreement involving Aramco's Jafurah gas processing facilities.

The Jafurah field, the largest non-associated gas development in Saudi Arabia, is expected to hold 229 trillion standard cubic feet of raw gas and 75 billion stock tank barrels of condensate.

Aramco intends to increase its gas production capacity by 60% from 2021 to 2030 to address the growing requirement for gas.

JMGC will receive tariffs from Aramco in exchange for exclusive rights to process and treat raw gas from the field.

Aramco will maintain a 51% ownership in JMGC, with the remaining 49% held by the investor group.

The parties involved, including Aramco, BlackRock, JPMorgan, and Sumitomo Mitsui Banking, have declined to comment on the financing details.