Kuwait Signs $16 Billion Pipeline Deal with Global Consortium

Kuwait Petroleum Corporation (KPC) has signed a $16 billion lease-and-leaseback agreement for its crude oil pipeline network with an international consortium led by Blackstone, KKR, and Brookfield. The deal, known as 'Project Peregrine,' will see the consortium use, operate, and maintain the pipeline assets for 20 years in exchange for a volume-based tariff.

KOC, a subsidiary of KPC, will hold a 51 percent stake in the joint venture, while the consortium will collectively own the remaining 49 percent. The agreement is expected to generate $7.9 billion in upfront proceeds for KOC, supporting its parent company's capital expenditure plans.

KPC CEO Sheikh Nawaf Al-Sabah described the transaction as a 'powerful signal' that Kuwait remains an attractive destination for global capital, even amid challenging regional environments.