Kuwait Petroleum Corporation (KPC) announced on Saturday that its subsidiary, Kuwait Oil Company (KOC), has signed a $16 billion agreement with a consortium of international investors. The deal aims to develop the country's crude oil pipeline infrastructure.
According to KPC, this transaction, named Project Peregrine, represents the largest foreign direct investment in Kuwait's history. The agreement stipulates the creation of a joint venture based in Kuwait, which will include investment funds managed by Blackstone, Brookfield, and KKR.
KOC will retain a controlling stake of 51%, while the consortium jointly owns the remaining 49%. The agreement grants the joint venture rights to use a network of 13 KOC oil export pipelines, spanning approximately 320 kilometers. KOC will continue to own, operate, and maintain these assets under a 20.5-year lease agreement with an option to repurchase, while all decisions regarding production and processing remain under the control of the Kuwaiti state.
KPC reported that the expected initial revenue from this deal will be $7.85 billion after closing, which will help finance the company's investment plans. KPC Deputy Chairman and CEO, Sheikh Nawaf Saud Al-Sabah, called the project a 'defining milestone' in Kuwait's economic development. He emphasized that this aligns with the government's commitment to attracting leading international investors while 'retaining full national control and ownership of strategic assets.'
He also noted that the agreement sends a 'strong signal' that Kuwait remains an attractive destination for international capital despite regional difficulties. Leaders of the three investment firms also welcomed the partnership. KPC clarified that the deal is still subject to regulatory approvals and fulfillment of other standard legal requirements.
The City of Johannesburg has made a payment exceeding R4.3 billion to settle its outstanding electricity debt with Eskom. This action was taken by the municipal company to prevent potential power outages in Johannesburg.
Previously, IOL reported that Eskom had warned of possible reductions, interruptions, or disconnections of electricity in parts of Johannesburg after the city and City Power failed to repay over R5 billion in unpaid bills.
The municipal company stated that it has received and is currently reviewing submissions from residents and other interested parties under the PAJA process, which was initiated due to the unpaid electricity bill.
Eskom noted that although payments made by City Power and the City of Johannesburg show positive momentum, the total debt has not yet been fully cleared. As of July 24, 2026, the total overdue balance amounted to R3,801,864,153.45, of which R1,222,786,264 relates to the current overdue account, and R2,579,077,889.00 relates to the balance under the High Court-approved settlement agreement.
The utility also reported that the current electricity bill of R2,636,676,621.00 is due by August 3, 2026. Furthermore, the City committed to making payments totaling R5,117,736,000 by August 21, 2026.
Eskom added that the PAJA process has been extended until August 22, 2026. This will allow the company to complete the assessment of received submissions and monitor the City's compliance with its obligations to pay electricity bills and its promised payments. The utility emphasized that nothing during this process constitutes a waiver of any rights available to Eskom under applicable agreements, court orders, or legislation.
A delegation from the Fergana region arrived in Afghanistan with the aim of developing cooperation in the fields of trade, economy, and investment. The delegation was headed by Governor Khayrullo Bozorov and included about 150 entrepreneurs from the region.
Official meetings and business negotiations are planned during the visit in Kabul and Mazar-i-Sharif. Representatives from the Fergana region plan to study the opportunities of the Afghan market, identify promising production sectors based on local demand, and increase export volumes.
Special attention will be paid to establishing direct partnerships between businessmen from both countries. Furthermore, during this trip, the possibility of opening new Trade Houses of Fergana in Kabul and Mazar-i-Sharif is being considered.
Upon arrival, the delegation from the Fergana region was met at Kabul International Airport by Said Karim Hashimi, Chairman of the Afghan Chamber of Commerce and Industry, as well as other officials.
