Apollo to Pay $1B for 25% Stake in BP Pipelines

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.

While the deal enables BP to monetize its interest in TANAP, the company will remain the controlling shareholder of BP TANAP and retain a long-term commercial and strategic interest, including governance rights, in the pipeline - a vital part of the gas value chain for the BP-operated Shah Deniz gas field in Azerbaijan.

The transaction is anticipated to close in the second quarter of 2025, subject to regulatory and TANAP shareholders approvals.

Proceeds arising from this transaction will contribute towards BP’s program for $20 billion in divestment and other proceeds.

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.

In November 2024 Apollo and BP completed their previous agreement for Apollo to partner with BP on Trans Adriatic Pipeline (TAP) - the final leg