Investing.com -- Kuwait Petroleum Corporation has signed a $16 billion lease and leaseback agreement covering its crude oil pipeline network with Blackstone, KKR and Brookfield, Reuters reported. Under the agreement, KPC subsidiary Kuwait Oil Company will establish a joint venture with the three U.S. investment groups for 20.5 years. Blackstone, KKR and Brookfield will collectively own a 49% interest in the venture, leaving Kuwait Oil Company with a controlling 51% stake. Payments to the venture will be based on the volume of crude oil transported through the network. Kuwait Oil Company will retain full ownership and operational control of the infrastructure, which comprises 13 pipelines extending about 320 kilometres, or 199 miles.