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Kuwait's KPC signs $16 billion lease and leaseback deal for oil pipeline network

Kuwait's KPC signs $16 billion lease and leaseback deal for oil pipeline network

By Federico Maccioni and Ahmed Elimam DUBAI, July 25 (Reuters) - Kuwait Petroleum Corporation (KPC) has signed a $16 billion deal to lease and lease back its crude oil pipeline network with a consortium comprising global funds Blackstone, Brookfield and KKR, the state-owned Gulf firm said on
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Blackstone, Brookfield, KKR Secure $16 Billion Deal for Kuwait Pipeline

Blackstone, Brookfield, KKR Secure $16 Billion Deal for Kuwait Pipeline

Kuwait has entered into a $16 billion infrastructure partnership with Blackstone Inc., Brookfield Asset Management Ltd., and KKR & Co. The deal involves the leasing and leasing back of usage rights to Kuwait's oil-export pipelines, marking the largest foreign direct investment in the country's history. Despite ongoing regional tensions, particularly with Iran, Kuwait has managed to attract significant global capital. The transaction is expected to generate $7.85 billion in upfront proceeds and involves a joint venture where the three firms will hold a 49% stake. This move is part of Kuwait's strategy to attract foreign investment and diversify its economy.
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Blackstone, Brookfield, and KKR Secure $16 Billion Oil Pipeline Deal with Kuwait

Blackstone, Brookfield, and KKR Secure $16 Billion Oil Pipeline Deal with Kuwait

Kuwait Petroleum Corporation (KPC) has finalized a $16 billion agreement with a consortium of global investment firms, including Blackstone, Brookfield Asset Management, and KKR. This deal involves a lease-and-leaseback arrangement for KPC's crude oil pipeline network, marking the largest foreign direct investment in Kuwait's history. The agreement, known as Project Peregrine, establishes a joint venture with KPC's unit, Kuwait Oil Company, for a 20.5-year period. This strategic move is part of a broader initiative by Gulf state oil companies to attract foreign capital and fund domestic investments. The deal was initiated prior to recent geopolitical tensions involving U.S.-Israeli strikes on Iran, which have led to increased regional instability.
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Blackstone, Brookfield, and KKR Secure $16 Billion Deal with Kuwait Petroleum for Pipeline Network

Blackstone, Brookfield, and KKR Secure $16 Billion Deal with Kuwait Petroleum for Pipeline Network

Blackstone, Brookfield, and KKR Secure $16 Billion Deal with Kuwait Petroleum for Pipeline Network
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Blackstone Group and Partners Sign $16 Billion Oil Pipeline Lease with Kuwait Petroleum

Blackstone Group and Partners Sign $16 Billion Oil Pipeline Lease with Kuwait Petroleum

Blackstone Group and Partners Sign $16 Billion Oil Pipeline Lease with Kuwait Petroleum
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Rep. Calvert Introduces Bill for Expedited Approval of National Security Pipelines

Rep. Calvert Introduces Bill for Expedited Approval of National Security Pipelines

Congressman Ken Calvert has introduced the National Security Interstate Pipeline Act, a bill aimed at expediting the approval process for interstate oil and natural gas pipelines deemed critical to U.S. national security. The bill, H.R. 9838, allows the President to designate certain pipeline projects as essential for military installations, the defense industrial base, or critical infrastructure resilience. These projects would fall under the exclusive authority of the Federal Energy Regulatory Commission (FERC), which would be required to make decisions within 180 days of an application. The bill seeks to bypass state and local permitting requirements that could delay these projects.
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NAVER, NVIDIA, and Brookfield to Expand Korea's AI Infrastructure

NAVER, NVIDIA, and Brookfield to Expand Korea's AI Infrastructure

NAVER, NVIDIA, and Brookfield have announced plans to expand Korea's AI factory infrastructure, increasing the initial NVIDIA DSX AI factory deployment from 55 megawatts to 200 megawatts by 2028. This expansion is part of a broader initiative to develop gigawatt-scale AI infrastructure in Korea, aimed at supporting the next generation of AI companies in both Korea and the U.S. The project will be funded by a combination of investments from NVIDIA, Brookfield, and NAVER, with NVIDIA planning to invest $1 billion and Brookfield up to $9 billion. The expanded infrastructure will provide AI innovators with access to production-scale AI compute capabilities.
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Oman Engages in Talks with Iran Amid U.S.-Iran Tensions in Strait of Hormuz

Oman Engages in Talks with Iran Amid U.S.-Iran Tensions in Strait of Hormuz

A delegation from Oman has arrived in Iran to discuss managing shipping traffic in the Strait of Hormuz, as the United States and Iran continue their military exchanges. The strait has become a focal point of hostilities, affecting global energy prices due to its strategic importance for oil and gas exports. Oman's involvement aims to mediate and propose mechanisms for navigation through the strait. Despite ongoing diplomatic efforts, the U.S. and Iran have been exchanging air strikes for two weeks, with recent attacks reported on U.S. bases in the region and Iranian claims of targeting U.S. interests.
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Naver Secures $10 Billion Investment for AI Data Center Expansion

Naver Secures $10 Billion Investment for AI Data Center Expansion

Naver Secures $10 Billion Investment for AI Data Center Expansion
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Tech Companies' Water Usage Raises Concerns in U.S. Communities

Tech Companies' Water Usage Raises Concerns in U.S. Communities

A recent investigation has highlighted the significant water usage by tech companies, including OpenAI, Google, Microsoft, Meta, and Amazon, which is impacting local communities. In Fayette County, Georgia, residents experienced reduced water pressure due to a data center owned by Blackstone consuming 29 million gallons of local water without authorization. Similar issues have been reported in Tucson, Arizona, where unauthorized water usage for a data center project led to community backlash. These incidents reflect a broader pattern of tech companies drawing large quantities of water, often without proper oversight, affecting local water supplies.
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Kuwait's military says drones attacked its border crossing with Iraq

Kuwait's military says drones attacked its border crossing with Iraq

Kuwait's military says drones attacked its border crossing with Iraq, causing damage but no casualties
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Iran's Control Over Strait of Hormuz Sparks Global Energy Strategy Shift

Iran's Control Over Strait of Hormuz Sparks Global Energy Strategy Shift

The ongoing conflict between Iran and the United States has intensified over control of the Strait of Hormuz, a critical global energy passage. Iran has demonstrated its capability to disrupt commercial shipping through the strait by targeting vessels with drones and cruise missiles. This has challenged the long-standing assumption that the Strait of Hormuz would remain an open international waterway even during conflicts. The U.S. and Gulf states find Iran's actions unacceptable, as control over the strait would allow Iran to levy significant transit fees and influence global energy flows. In response, regional governments and energy companies are accelerating projects to create alternative routes for oil and gas exports, reducing reliance on the strait.