Kuwait Petroleum Corp. (KPC) agreed to a $16 billion lease‑and‑leaseback deal with Blackstone Inc., KKR & Co. Inc. and Brookfield Asset Management Ltd. for its crude oil pipeline network, a landmark transaction struck amid rising regional tensions.
The state‑owned company described the transaction, named Project Peregrine, as the largest foreign direct investment in Kuwait’s history. Under the agreement, KPC subsidiary Kuwait Oil Co. (KOC) will establish a joint venture with the three US investment groups for 20.5 years.
