Qatar Investment Authority has acquired a significant stake in Oryx Midstream Services from Stonepeak Infrastructure Partners for $550 million.
The partnership is the latest in a series of investments undertaken by QIA across the US where QIA aims to increase investment to $45 billion in the coming years.
Since it was created in 2013, Oryx has become one of the leading midstream operators in the Permian Basin in the southwest US. The Oryx system transports crude oil to market hubs for ultimate delivery to the Gulf Coast. The system helps supply domestic refineries and the growing US export market. Upon completion of the remaining part of the system under construction, Oryx’s total transportation capacity will exceed 900,000 barrels per day and access multiple takeaway options.
Mansoor Al-Mahmoud, CEO of QIA, says: ‘We believe that Oryx represents a strong midstream platform with tremendous growth potential, and we look forward to working with our new partners at Stonepeak. This acquisition is a further demonstration of QIA’s strategy to increase the size of our US portfolio, and to invest more in major infrastructure projects.’
Oryx CEO Brett Wiggs adds: ‘The significant investment and commitment from QIA alongside Stonepeak’s strong operational and capital support will allow us to continue to grow our footprint in the Permian Basin and deliver the highest level fo service to current and future customers.’