BP Sells 25% Stake In TANAP Pipeline To Apollo For $1 Billion, Eyes Further Low-Carbon Collaboration

On Friday, BP p.l.c. (NYSE:BP) disclosed that Apollo Global Management, Inc. (NYSE:APO)-managed funds will acquire a 25% non-controlling stake in BP Pipelines (TANAP) Ltd, bp TANAP for around $1.0 billion.

This subsidiary holds BP's 12% interest in TANAP, the pipeline that transports natural gas from Azerbaijan through Turkey.

TANAP, stretching about 1,800 km across Turkey, is a key part of the Southern Gas Corridor (SGC) pipeline system.

The SGC delivers gas from the BP-operated Shah Deniz field in Azerbaijan to European markets, including Italy and Greece.

Both companies are also ...