American Apollo Acquires 25% in BP TANAP for $1 Billion
SEATTLE (Oil Monster): The British oil and gas company BP Plc and the American investment company Apollo Global Management have signed an agreement to acquire 25% in BP Pipelines (TANAP) Ltd (BP TANAP) funds managed by Apollo. This is reported in a BP press release.
BP TANAP, a subsidiary of BP, holds a 12% stake in the Trans-Anatolian natural gas pipeline (TANAP), the owner and operator of the pipeline transporting natural gas from Azerbaijan to Europe via Turkey as part of the Southern Gas Corridor (SGC) pipeline system.
In accordance with the agreement, Apollo acquires a non-controlling stake in BP TANAP for $1 billion. At the same time, BP will retain a controlling stake in BP TANAP and long-term commercial and strategic assets, including the right to manage the pipeline, which is an important part of the gas value chain at the Shah Deniz gas field in Azerbaijan.
The transaction is expected to be completed in the second quarter of 2025, subject to approval from the regulatory authorities and shareholders of TANAP.
The TANAP pipeline, with a length of about 1,800 km across Turkey, is the central section of the SGC pipeline system for transporting gas from the Shah Deniz field in the Azerbaijani sector of the Caspian Sea to European markets, including Italy and Greece. In November 2024, Apollo and BP finalized the previous partnership agreement for the Trans Adriatic Pipeline (TAP) project, the final stage of the SGC.
BP and Apollo continue to explore opportunities for further strategic cooperation, including in the areas of infrastructure, gas supplies, and low-carbon energy development.
BP is a multinational oil and gas company with headquarters in London (England). About a third of the company's revenue comes from operations in the United States.
Apollo Global Management is an American alternative asset management investment company. The company provides a wide range of services, including asset management in income, hybrid and stock markets, as well as pension services. First of all, the company serves the financial sector. The headquarters is located in New York (USA). The company's market value decreased by 13.8% to $85.2 billion.
Courtesy: www.akm.ru