Kuwait Petroleum Corp. Unit Enters $16 Billion Partnership to Form JV for Network Pipeline Lease

01:51 AM EDT, 07/26/2026 (MT Newswires) -- Kuwait Petroleum Corp.'s Kuwait Oil Co. entered into a $16 billion pipeline network lease-and-lease-back deal to form a joint venture with a consortium led by Blackstone, Brookfield and KKR. The state-owned oil and gas company said July 25 that the 20.5-year agreement will cover 13 of its pipelines and will grant the subsidiary the network's operational and maintenance rights in exchange for a volume-based tariff. As part of the deal, Kuwait Oil will own a 51% stake in the new entity, with the consortium holding the remaining interest. Additionally, Kuwait Oil will secure $7.85 billion after the deal's finalization.