Oryx Midstream Services revealed Wednesday that Qatar Investment Authority will invest approximately $550 million in the company.

Oryx Midstream Services revealed Wednesday that Qatar Investment Authority (QIA) will invest approximately $550 million in the company.

In a statement published on its website yesterday, Oryx said an affiliate of QIA has acquired a “significant” stake in the business from an affiliate of Stonepeak Infrastructure Partners. Oryx also noted that QIA has committed to invest in the development of the company.

The partnership is the latest in a series of investments undertaken by QIA across the United States, where QIA aims to increase investment to $45 billion in the coming years, Oryx highlighted in the statement.

"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 of service to current and future customers,” Oryx CEO, Brett Wiggs, said in a company statement.

“We are thrilled to lead Oryx in partnership with these world-class investors,” he added.

The CEO of QIA, Mansoor Al-Mahmoud, said, “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 U.S. portfolio, and to invest more in major infrastructure projects,” he added.

Oryx describes itself as the largest privately-held midstream crude operator in the Permian Basin. The company, which was founded in 2013, is focused on developing, acquiring, owning and operating midstream assets in the Permian Basin region.

The QIA is the sovereign wealth fund of the State of Qatar. The organization describes itself as an important building block of the Qatar National Vision 2030 and a respected professional global investor.