21 Hrs
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الاقتصادية
International firms buy 49% of Kuwaiti oil pipelines
Kuwait Petroleum Corporation has signed a $16 billion agreement with global investment firms, led by Blackstone, to develop Kuwait's oil pipeline network, aiming to increase the country's production. The deal, which spans over two decades, grants the consortium a 49% stake in the 320-kilometer pipeline network, with Kuwait retaining 51%. The project is expected to generate immediate revenues of $7.85 billion and support the goal of boosting oil production to 4 million barrels per day by 2035. This investment is the largest in Kuwait's history and reflects international companies' confidence in the country's economy and its capacity to develop the energy sector.
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