Blackstone, KKR, and Brookfield acquire 49% stake in Kuwait's oil pipeline network for $16 billion

A consortium comprising Blackstone, KKR, and Brookfield has finalized a $16 billion lease-and-leaseback agreement with Kuwait Petroleum Corporation (KPC) for a 49% stake in its crude oil pipeline network. This transaction, named Project Peregrine, represents the largest foreign direct investment in Kuwait's history and is expected to generate $7.85 billion in upfront proceeds for KPC. Kuwait Oil Company, a KPC subsidiary, will retain a controlling 51% interest and full operational control of the 13 pipelines, which span approximately 320 kilometers. The deal provides the investment groups with long-term, tariff-based revenue linked to oil transportation volumes.