ASAR Kuwait advised the consortium comprising Blackstone, Brookfield and KKR as Kuwait counsel on Project Peregrine, a landmark US$16 billion transaction involving the lease and leaseback of Kuwait’s crude oil pipeline network.

This transaction involves the establishment of a joint venture between Kuwait Oil Company and the consortium under a 20.5-year lease-and-leaseback arrangement. Kuwait Oil Company will retain a majority interest in the joint venture, together with full ownership and operational control of the pipeline network.

Working alongside Clifford Chance, which acted as international counsel to the consortium, a multidisciplinary ASAR team advised on all Kuwait law aspects of the transaction.

We are grateful to the consortium members for placing their trust in ASAR on this important transaction.

The ASAR team was led by Ezekiel Tuma (Managing Partner), and comprised Rob Little (Head of Banking & Finance, Capital Markets and M&A), Ibrahim Sattout (Partner), Akusa Batwala (Partner), Laurent Levac (Partner), Chris Walugembe (Partner), Emile Helou (Of Counsel), Alex Matovu (Associate Counsel), Hussein Azmy (Senior Associate), Yousef Al Shereedah (Senior Associate), and Surabhi Chaturvedi (Associate).