KOC Inks Record-Breaking $16B Partnership with Blackstone, Brookfield, KKR

Kuwait Oil Company (KOC) has signed a historic $16 billion infrastructure partnership to support its goal of increasing crude oil production capacity to 4 MMbpd by 2035.

The agreement, dubbed 'Project Peregrine', establishes a joint venture between KOC and a consortium comprising Blackstone, Brookfield, and KKR. Under the 20.5-year lease-and-leaseback structure, KOC will retain a 51% stake in the venture, while the three investors will collectively own the remaining 49%.

The partnership involves KOC's domestic and export crude oil pipeline network, spanning approximately 320 km. Although the joint venture will hold the usage rights to the pipeline network, KOC will retain full ownership, operational control, and responsibility for operating and maintaining the assets.

The transaction is expected to generate $7.85 billion in upfront proceeds that will be directed toward broader capital expenditure plans, including projects supporting KPC's strategy to increase national crude oil production capacity to 4 MMbpd by 2035 under the company's 2040 Strategy.