Kuwait Signs $16 Billion Pipeline Deal with Blackstone, Brookfield, and KKR

Kuwait Petroleum Corp. (KPC) has signed a $16 billion joint venture agreement with Blackstone, Brookfield, and KKR, giving the three North American investment firms a combined 49 percent minority stake in Kuwait's domestic and export pipeline network.

The deal covers 13 crude oil pipelines spanning roughly 200 miles and is structured as a leaseback arrangement. KPC's operating subsidiary, Kuwait Oil Co (KOC), keeps 51 percent ownership and full operational control of the assets.

KPC will receive $7.85 billion in upfront proceeds at closing, which will support its capital expenditure plans and help reach its target of four million barrels per day of crude oil production capacity by 2035.