BP sells stake in company holding 12% of TANAP to Apollo, deal valued at $1 bln

BAKU. March 21 (Interfax) - BP and American alternative investment management company Apollo have entered into an agreement for Apollo's funds to acquire a 25% stake in BP Pipelines (TANAP) Ltd (a subsidiary of BP), which owns 12% of the Trans-Anatolian Natural Gas Pipeline (TANAP), BP said

Proceeds from this transaction will go toward BP's $20 billion asset divestment program.

Although the deal allows BP to monetize its stake in TANAP, it will remain the controlling shareholder of BP Pipelines (TANAP) Ltd. after the agreement's conclusion, the company said.

"We expect the agreement to be concluded in the second quarter of 2025 with the approval of regulatory bodies and TANAP shareholders. BP and Apollo continue to look into options for continued collaboration in fields such as infrastructure, gas and low-carbon energy assets," the company said.

BP and Apollo signed an agreement on the purchase by its funds of a non-controlling stake in BP Pipelines TAP Limited (a subsidiary of BP), which owns 20% of Trans Adriatic Pipeline AG (TAP) shares, in September 2024. The deal was worth approximately $1 billion.

The 1,850-km TANAP pipeline is intended to transport Azerbaijani gas under Stage 2 of the Shah Deniz project from the Georgian-Turkish border to Turkey's western borders. The pipe's capacity is currently 16.2 bcm per year.

The supply of Azerbaijani gas to Turkey through TANAP began in 2018.

State Oil Company of the Azerbaijani Republic (SOCAR) has a 51% stake in the TANAP project, - 51%, SOCAR Turkiye Enerji - 7%, Botas - 30%, BP - 12%.