China’s banks lend to Saudi gas project

China’s biggest state banks are lending billions to Aramco’s Jafurah gas project, though its funds have passed on the opportunity to invest in the venture, three people familiar with the matter said. Chinese banks provided more than a third of the financing for what will potentially be the biggest shale gas project outside of the US, with Bank of China, ICBC and China Construction Bank each lending about $1 billion and Agricultural Bank of China around USD750 million, two people familiar with the matter said. Aramco in August signed an $11 billion lease-and-leaseback agreement for the processing facilities with a consortium led by Global Infrastructure Partners, part of US BlackRock, the world’s biggest investor. Chinese funds, some of which were given the chance to take part in the equity funding round for Jafurah, didn’t participate, according to two people who cited US-China trade tensions.