General – Partnership
BP today said it is partnering with Apollo Global Management on the Tanap pipeline, which carries natural gas from Azerbaijan across Turkey.
U.S.-based asset management firm Apollo will purchase the 25% non-controlling shareholding in BP Pipelines (TANAP), which holds BP’s 12% interest in the Trans-Anatolian natural gas pipeline (TANAP) that carries natural gas from Azerbaijan across Türkiye, for approximately $1 billion.
Under the deal, Apollo funds will buy the non-controlling stake in BP Tanap for about USD1.0 billion, with proceeds from the deal to contribute towards BP’s programme for USD20 billion in divestment and other proceeds.
BP said it will remain the controlling shareholder of BP Tanap and retain a long-term commercial and strategic interest.
TANAP, running for approximately 1,800km across Türkiye, is the central section of the Southern Gas Corridor (SGC) pipeline system.
The SGC transports gas from the BP-operated Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to markets in Europe, including Italy and Greece.
