Kuwait has agreed a $16 billion, 20.5-year lease-and-leaseback transaction for its national crude oil pipeline network with a consortium led by U.S. private equity firms Blackstone and KKR, alongside Canada’s Brookfield Asset Management. The deal, known as Project Peregrine, grants the investor group a 49% equity stake in a joint venture holding all 13 main crude export pipelines, covering about 320 kilometers. State-owned Kuwait Oil Company retains 51% control and operational authority. The transaction immediately provides $7.85 billion in liquidity to Kuwait Petroleum Corporation to support plans to lift crude production capacity to 4 million barrels per day by 2035.

Prepared by Christopher Adams and reviewed by editorial team.