State owned Kuwait Petroleum Corporation (KPC) has signed a $16 billion lease-and-lease-back agreement for its oil pipeline network aimed at raising capital for its long-term oil production growth ambitions.
The government is planning to expand its financial support to Japanese companies investing in pipeline projects overseas including the Middle East, as part of efforts to strengthen alternative oil and gas transportation routes in the Gulf region to bypass the Strait of Hormuz.
The premiers of Alberta and Ontario unveiled a proposed 3,300 km pipeline to transport oil from Western Canada to refineries in southern Ontario.
The potential renegotiation is the latest step in the saga that started in March 2023, when Turkey closed the link after an arbitration court ordered the country to pay Iraq $1.5 billion over unauthorized exports. Numerous attempts to restart shipments have since failed – including due to disagreements between Iraq, its semi-autonomous Kurdistan region and companies operating in the area.
Most of the oil released has been recovered and remediation efforts have started, South Bow Corp. said in a statement Wednesday. The line will be able to operate at no more of 80% of pressure levels at the time of the April 8 spill. At the time of failure, the line was transporting 17,844 barrels per hour, or the equivalent of 428,000 barrels a day.