Kuwait’s government has signed a $16 billion crude oil pipeline deal with North American private equity firms Blackstone, Brookfield Asset Management, and KKR.

Why it matters: This comes amid attacks on Kuwait’s energy infrastructure by Iran, in retaliation for U.S. strikes.

Zoom in: Each firm would own an equal share of a 49% stake in a new joint venture with state-owned Kuwait Petroleum that would lease and lease back pipeline usage rights.

• It’s the largest foreign direct investment ever in Kuwait, which would receive $7.85 billion upfront.

Go deeper, via Reuters: “The KPC deal is part of a broader push by Gulf state oil companies and sovereign investors to raise funds from infrastructure assets and attract foreign capital, as they look to fund domestic investment plans.”