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科威特石油公司与黑石、Brookfield、KKR财团签署160亿美元管道基础设施合作
这是KOC管道网络20.5年租赁回租交易，三家机构投资者合计持有JV 49%权益，属于长期基础设施资产配置。
📄 原文BX↗ 原文
Kuwait Oil Company Signs US$ 16.0 Billion Infrastructure Partnership Involving Its Crude Oil Pipeline Network With a Co…
不做 黑石（BX.US）
超大资管平台参与长期基础设施JV，未披露费用率、收益率或每股盈利增量，单笔权益敞口相对AUM太小，不做。
不做 Brookfield Corporation（BN.US）
交易方向偏正面但属于大型平台常规基础设施投资，缺少短周期、可量化的收入或利润催化，不做。
不做 KKR（KKR.US）
单笔Kuwait管道JV投资未披露可分配收益或管理费增量，难以推动KKR.US短线重定价，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-25 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 这是KOC管道网络20.5年租赁回租交易，三家机构投资者合计持有JV 49%权益，属于长期基础设施资产配置。
- 按49%权益等分估算，黑石、Brookfield、KKR各自经济敞口约26亿美元，较各自资产管理规模和市值体量偏小。
- 交易尚需惯常交割条件和监管批准，短线更像大型另类资管公司的常规基础设施投资披露，而非可量化业绩上修催化。
主要风险
- 未披露管理费率、预期IRR或对可分配收益的增量，无法证明对BX.US、BN.US或KKR.US形成短周期重定价。
- 三家均为超大规模另类资管平台，单笔基础设施投资的新闻性强于每股盈利弹性。
原文全文
展开原文 · 8,000 字
Kuwait Oil Company Signs US$ 16.0 Billion Infrastructure Partnership Involving Its Crude Oil Pipeline Network With a Consortium Comprising Blackstone, Brookfield and KKR
july 25, 2026
Kuwait Oil Company (“KOC”) is establishing a new joint venture (“JV”) with three leading global investors in a lease and leaseback structure for a 20.5 year period that includes a volume-based tariff
Following a competitive selection process, Blackstone, Brookfield and KKR will collectively hold a 49% stake in the JV, with each investor holding an equal one-third share of that interest on equal terms; KOC will retain a 51% stake and full ownership and operational control of the network
Kuwait’s largest energy infrastructure partnership to date, and the largest foreign direct investment ever in Kuwait
Marks the first time leading global institutional investors have deployed long-term capital into Kuwait’s midstream infrastructure
Underscores – amidst ongoing regional geopolitical challenges – international trust in KPC’s ability to deliver on its 2040 Strategy to reach 4 million barrels of crude oil production capacity per day by 2035
Supports Kuwait’s economic diversification goals in a partnership with leading international investors, expected to generate US$ 7.85 billion of proceeds to support broader capital expenditure plans
Preserves the State of Kuwait’s full flexibility over its production and refining volumes
KUWAIT CITY, Kuwait, 25 July 2026 – Kuwait Petroleum Corporation (“KPC”), the state-owned corporation overseeing Kuwait’s oil and gas sector, today announced that its wholly owned subsidiary, Kuwait Oil Company (“KOC”), responsible for the exploration, production and transportation of crude oil on behalf of the State of Kuwait, has signed a US$ 16.0 billion lease-and-lease-back agreement involving its entire domestic and export pipeline network with a consortium of international infrastructure and institutional investors led collectively by Blackstone, Brookfield and KKR.
As part of the transaction, a newly formed Kuwaiti-incorporated JV will lease from KOC the usage rights to all of its 13 pipelines, spanning a total of approximately 320 kilometers of Kuwait’s pipeline network. Under the terms of the agreement, the JV will grant back to KOC the exclusive use, operational and maintenance rights in the pipeline assets for a 20.5 year period, in exchange for a volume-based tariff.
KOC and the consortium, comprising Blackstone, Brookfield and KKR, will establish the new joint venture, with KOC holding a 51% majority stake and the consortium collectively holding the remaining 49%, with equal stakes and on equal terms. KOC will continue to maintain full ownership and operational control of the pipeline network. The JV will not impose any restrictions on Kuwait’s refining throughput or production volumes, all of which remain subject to decisions made by the State of Kuwait.
The JV is expected to generate upfront proceeds of US$ 7.85 billion for KOC upon closing, supporting KPC’s capital expenditure plans, including KPC’s target of 4 million barrels per day of crude oil production capacity by 2035, and supporting Kuwait’s broader efforts to diversify sources of capital and deepen engagement with global investors.
The commitment represents the largest foreign direct investment in Kuwait’s history. Its scale reflects the quality of KOC’s asset base, the strength of KPC’s operational stewardship, and the enduring appeal of Kuwait as an investment destination.
The agreement ranks among the first major inward investments in the Arabian Gulf region since the onset of recent tensions, and it bears testament to Kuwait’s resilience and agility, and the sustained confidence of global institutional investors in Kuwait and KPC.
Beyond its immediate proceeds, the JV is intended to serve as a catalyst for deeper participation by global investors in the national economy, in keeping with KPC’s development plan and Kuwait’s long-term diversification agenda.
Shaikh Nawaf Saud Al-Sabah, Deputy Chairman and CEO of KPC, said:
“Project Peregrine represents the largest foreign direct investment in Kuwait’s history and a defining milestone for our country’s economic development. It delivers on the commitment announced by His Highness the Prime Minister Shaikh Ahmad Abdullah Al-Ahmad Al-Sabah at the Kuwait Oil & Gas Show (KOGS) in February 2026 to attract world-class international investors into Kuwait’s strategic infrastructure while preserving full national ownership and operational control.
We are pleased to welcome Blackstone, Brookfield and KKR as long-term partners in this landmark transaction. Their investment reflects confidence in Kuwait’s resilience, the quality of KPC’s assets and our long-term vision for the country’s energy sector.
This transaction sends a powerful signal that Kuwait continues to rise as an attractive destination for global capital, even amid a challenging regional environment.”
Joe Bae and Scott Nuttall, Co-CEOs of KKR, said:
“Kuwait has established itself as one of the world’s leading energy producers through decades of disciplined investment and prudent stewardship. We have greatly valued our partnership with Shaikh Nawaf and his team. This investment reflects our confidence in Kuwait and our commitment to providing long-term capital in support of strategic infrastructure, and we look forward to deepening our partnership and identifying further opportunities to invest alongside Kuwait in the years ahead.”
Bruce Flatt, CEO of Brookfield Corporation, said:
“Kuwait is a long-standing and highly valued partner of Brookfield’s, and we have long admired the way it has built a globally leading energy industry. We are proud to support Kuwait as it continues to build out its vital energy infrastructure, and honored to invest alongside our partners for the long term.”
Stephen Schwarzman, Chairman, CEO and Co-founder of Blackstone, said:
“Kuwait’s leadership, vision and resources have made it a compelling destination for international capital, built on its strength in the energy sector and remarkable efforts to diversify its economy. We are proud to support this critical infrastructure, helping meet rising global energy demand while deepening Blackstone’s nearly four-decade partnership with Kuwait.”
Additional transaction details
The transaction will be governed by Kuwaiti law and is subject to customary closing conditions and regulatory approvals.
Centerview Partners, HSBC and J.P. Morgan acted as financial advisors to KPC.
* Jefferies acted as sole financial adviser to Blackstone on the transaction.
About KPC
Kuwait Petroleum Corporation is the national oil company of the State of Kuwait. Through an integrated supply chain managed by its six wholly owned subsidiaries, KPC oversees upstream, downstream, petrochemical, midstream and international operations. KPC is committed to the responsible production and global distribution of hydrocarbons, embedding innovative energy solutions across its business while serving as a trusted and reliable global supplier of hydrocarbons. For more information, please visit www.kpc.com.kw and follow @kpcofficialkw on X and Instagram .
About KOC
Kuwait Oil Company is responsible for all exploration, production, and transportation of crude oil on behalf of the State of Kuwait (itself the owner of the oil).
About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com . Follow @blackstone on LinkedIn , X (Twitter) , and Instagram .
About Brookfield
Brookfield is a leading global
july 25, 2026
Kuwait Oil Company (“KOC”) is establishing a new joint venture (“JV”) with three leading global investors in a lease and leaseback structure for a 20.5 year period that includes a volume-based tariff
Following a competitive selection process, Blackstone, Brookfield and KKR will collectively hold a 49% stake in the JV, with each investor holding an equal one-third share of that interest on equal terms; KOC will retain a 51% stake and full ownership and operational control of the network
Kuwait’s largest energy infrastructure partnership to date, and the largest foreign direct investment ever in Kuwait
Marks the first time leading global institutional investors have deployed long-term capital into Kuwait’s midstream infrastructure
Underscores – amidst ongoing regional geopolitical challenges – international trust in KPC’s ability to deliver on its 2040 Strategy to reach 4 million barrels of crude oil production capacity per day by 2035
Supports Kuwait’s economic diversification goals in a partnership with leading international investors, expected to generate US$ 7.85 billion of proceeds to support broader capital expenditure plans
Preserves the State of Kuwait’s full flexibility over its production and refining volumes
KUWAIT CITY, Kuwait, 25 July 2026 – Kuwait Petroleum Corporation (“KPC”), the state-owned corporation overseeing Kuwait’s oil and gas sector, today announced that its wholly owned subsidiary, Kuwait Oil Company (“KOC”), responsible for the exploration, production and transportation of crude oil on behalf of the State of Kuwait, has signed a US$ 16.0 billion lease-and-lease-back agreement involving its entire domestic and export pipeline network with a consortium of international infrastructure and institutional investors led collectively by Blackstone, Brookfield and KKR.
As part of the transaction, a newly formed Kuwaiti-incorporated JV will lease from KOC the usage rights to all of its 13 pipelines, spanning a total of approximately 320 kilometers of Kuwait’s pipeline network. Under the terms of the agreement, the JV will grant back to KOC the exclusive use, operational and maintenance rights in the pipeline assets for a 20.5 year period, in exchange for a volume-based tariff.
KOC and the consortium, comprising Blackstone, Brookfield and KKR, will establish the new joint venture, with KOC holding a 51% majority stake and the consortium collectively holding the remaining 49%, with equal stakes and on equal terms. KOC will continue to maintain full ownership and operational control of the pipeline network. The JV will not impose any restrictions on Kuwait’s refining throughput or production volumes, all of which remain subject to decisions made by the State of Kuwait.
The JV is expected to generate upfront proceeds of US$ 7.85 billion for KOC upon closing, supporting KPC’s capital expenditure plans, including KPC’s target of 4 million barrels per day of crude oil production capacity by 2035, and supporting Kuwait’s broader efforts to diversify sources of capital and deepen engagement with global investors.
The commitment represents the largest foreign direct investment in Kuwait’s history. Its scale reflects the quality of KOC’s asset base, the strength of KPC’s operational stewardship, and the enduring appeal of Kuwait as an investment destination.
The agreement ranks among the first major inward investments in the Arabian Gulf region since the onset of recent tensions, and it bears testament to Kuwait’s resilience and agility, and the sustained confidence of global institutional investors in Kuwait and KPC.
Beyond its immediate proceeds, the JV is intended to serve as a catalyst for deeper participation by global investors in the national economy, in keeping with KPC’s development plan and Kuwait’s long-term diversification agenda.
Shaikh Nawaf Saud Al-Sabah, Deputy Chairman and CEO of KPC, said:
“Project Peregrine represents the largest foreign direct investment in Kuwait’s history and a defining milestone for our country’s economic development. It delivers on the commitment announced by His Highness the Prime Minister Shaikh Ahmad Abdullah Al-Ahmad Al-Sabah at the Kuwait Oil & Gas Show (KOGS) in February 2026 to attract world-class international investors into Kuwait’s strategic infrastructure while preserving full national ownership and operational control.
We are pleased to welcome Blackstone, Brookfield and KKR as long-term partners in this landmark transaction. Their investment reflects confidence in Kuwait’s resilience, the quality of KPC’s assets and our long-term vision for the country’s energy sector.
This transaction sends a powerful signal that Kuwait continues to rise as an attractive destination for global capital, even amid a challenging regional environment.”
Joe Bae and Scott Nuttall, Co-CEOs of KKR, said:
“Kuwait has established itself as one of the world’s leading energy producers through decades of disciplined investment and prudent stewardship. We have greatly valued our partnership with Shaikh Nawaf and his team. This investment reflects our confidence in Kuwait and our commitment to providing long-term capital in support of strategic infrastructure, and we look forward to deepening our partnership and identifying further opportunities to invest alongside Kuwait in the years ahead.”
Bruce Flatt, CEO of Brookfield Corporation, said:
“Kuwait is a long-standing and highly valued partner of Brookfield’s, and we have long admired the way it has built a globally leading energy industry. We are proud to support Kuwait as it continues to build out its vital energy infrastructure, and honored to invest alongside our partners for the long term.”
Stephen Schwarzman, Chairman, CEO and Co-founder of Blackstone, said:
“Kuwait’s leadership, vision and resources have made it a compelling destination for international capital, built on its strength in the energy sector and remarkable efforts to diversify its economy. We are proud to support this critical infrastructure, helping meet rising global energy demand while deepening Blackstone’s nearly four-decade partnership with Kuwait.”
Additional transaction details
The transaction will be governed by Kuwaiti law and is subject to customary closing conditions and regulatory approvals.
Centerview Partners, HSBC and J.P. Morgan acted as financial advisors to KPC.
* Jefferies acted as sole financial adviser to Blackstone on the transaction.
About KPC
Kuwait Petroleum Corporation is the national oil company of the State of Kuwait. Through an integrated supply chain managed by its six wholly owned subsidiaries, KPC oversees upstream, downstream, petrochemical, midstream and international operations. KPC is committed to the responsible production and global distribution of hydrocarbons, embedding innovative energy solutions across its business while serving as a trusted and reliable global supplier of hydrocarbons. For more information, please visit www.kpc.com.kw and follow @kpcofficialkw on X and Instagram .
About KOC
Kuwait Oil Company is responsible for all exploration, production, and transportation of crude oil on behalf of the State of Kuwait (itself the owner of the oil).
About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com . Follow @blackstone on LinkedIn , X (Twitter) , and Instagram .
About Brookfield
Brookfield is a leading global
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