BP and Apollo (NYSE: APO) have announced an agreement for Apollo-managed funds to acquire a 25% non-controlling stake in BP Pipelines (TANAP) Ltd (bp TANAP), the BP subsidiary holding a 12% interest in the Trans-Anatolian Natural Gas Pipeline (TANAP). The deal, valued at approximately $1 billion, is part of BP’s broader divestment program aimed at raising $20 billion in proceeds.
Despite the sale, BP will remain the controlling shareholder of bp TANAP and retain governance rights and a long-term commercial interest in the pipeline. TANAP, spanning 1,800 km across Türkiye, plays a crucial role in transporting natural gas from Azerbaijan’s BP-operated Shah Deniz field to European markets, including Italy and Greece.
The transaction is expected to close in the second quarter of 2025, pending regulatory and shareholder approvals. BP and Apollo previously partnered on the Trans Adriatic Pipeline (TAP), the final segment of the Southern Gas Corridor (SGC), in November 2024.
BP’s executive vice president for gas and low-carbon energy, William Lin, highlighted the deal as a step toward unlocking capital while maintaining BP’s strategic role in TANAP. Apollo partners Skardon Baker and Leslie Mapondera emphasized the investment’s significance in supporting European energy infrastructure and Apollo’s long-term capital strategy.
