Revives initiative to raise cash to fund upstream and petrochemical projects
Kuwait Petroleum Corporation (KPC) has appointed New York-based Centerview Partners as adviser for a potential lease-and-leaseback transaction covering 13 crude oil pipelines, according to unconfirmed local media reports.
The state oil company is seeking to raise $5 billion to $7 billion from the deal, which would involve leasing the pipelines to investors for 25 years in exchange for upfront cash, before leasing them back under long-term tariff arrangements, the reports said.
Reuters and other media reported earlier this week that Kuwait is reviving the "Shahin" project, which aims to monetise its pipeline network as part of a broader investment plan spanning upstream, refining, and petrochemicals. Similar transactions have been executed in the Gulf by Saudi Aramco, Abu Dhabi National Oil Company (ADNOC) and Bahrain's Bapco Energies.
(Writing by N Saeed; Editing by Anoop Menon)
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