A state-owned company from Qatar inked a $550 million deal to buy a stake and expand a Midland pipeline company focused on moving crude oil in the Permain Basin of West Texas and southeastern New Mexico.
Permian Basin pipeline operator Oryx Midstream Services confirmed that the state-owned Qatar Investment Authority bought a significant stake of its operations from the New York private equity firm Stonepeak Infrastructure Partners.
Seeking to diversify its portfolio outside the Middle East, Qatar Investment Authority aims to invest $45 billion in the United States over the next few years.
"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," Qatar Investment Authority CEO Mansoor Al-Mahmoud said in a statement.
Founded in 2013 and with more than 1,200 miles of pipeline and 2.1 million barrels of storage, Oryx is touted as the largest privately-held crude oil pipeline and storage terminal operator in the Permian Basin of West Texas and New Mexico. Stonepeak Infrastructure Partners bought Oryx in a $3.6 billion deal announced in April.