Kuwait Oil Company Signs $16 Billion Infrastructure Partnership with Blackstone, Brookfield, and KKR

Kuwait Oil Company (KOC) has signed a massive infrastructure partnership worth US$16.0 billion involving its crude oil pipeline network with a consortium led by Blackstone, Brookfield, and KKR.

The partnership, dubbed 'Project Peregrine', is the largest foreign direct investment in Kuwait's history and marks the first time leading global institutional investors have deployed long-term capital into the country's midstream infrastructure.

KOC will retain a 51% stake in the joint venture, while Blackstone, Brookfield, and KKR collectively hold a 49% stake. The consortium will lease from KOC the usage rights to all of its 13 pipelines for a 20.5-year period, paying a volume-based tariff.

The partnership is expected to generate US$7.85 billion in upfront proceeds for KOC, supporting Kuwait's capital expenditure plans and its target of 4 million barrels per day of crude oil production capacity by 2035.