Kuwait Petroleum Corporation signed a $16 billion lease-and-leaseback agreement with funds Blackstone, Brookfield and KKR for a 20.5-year period on its crude oil pipeline network. Dubbed Project Peregrine, this investment represents the largest foreign direct investment in the country’s history. The three investors will collectively hold a 49% stake in the joint venture, while Kuwait Oil Company retains 51% along with full ownership and operational control of the network comprising 13 pipelines spanning approximately 320 kilometers. The transaction is expected to generate $7.85 billion in upfront proceeds at closing, supporting KPC’s capital expenditure plans.
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