KOC agrees $16bn pipeline deal with Blackstone, Brookfield, KKR
Kuwait Oil Company (KOC), a subsidiary of Kuwait Petroleum Corporation (KPC), has signed a $16 billion lease-and-lease-back agreement with a consortium led by Blackstone, Brookfield, and KKR for its entire domestic and export pipeline network. The deal, named Project Peregrine, establishes a new Kuwaiti joint venture in which KOC holds 51% and the consortium 49% equally split. KOC will lease usage rights for all 13 pipelines (spanning ~320 km) and lease them back for 20.5 years, retaining operational control. The transaction is the largest foreign direct investment in Kuwait's history, generating $7.85 billion in upfront proceeds for KOC to support KPC's capital expenditure plans, including a target of 4 million barrels per day crude production by 2035. The agreement is subject to regulatory approvals and governed by Kuwaiti law.
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