According to CNBC, Kuwait Petroleum Corporation signed a $16 billion deal to lease and lease back its crude oil pipeline network with a consortium of Blackstone, Brookfield Asset Management and KKR. KPC said it was the largest foreign direct investment in Kuwait's history and that the transaction, called Project Peregrine, involves a 20.5-year lease-and-leaseback joint venture with Kuwait Oil Company, which will retain a 51% stake and full operational control. The deal covers 13 pipelines spanning about 320 kilometers, and KPC said it is expected to generate $7.85 billion in upfront proceeds at closing to support capital expenditure plans.