Apollo-managed funds will pay $1 billion to acquire a 25% stake in bp Pipelines (TANAP).
This is the bp subsidiary that holds the company’s 12% interest in TANAP, owner and operator of the pipeline transporting gas from the Shah Deniz Field in the Caspian Sea westward through Turkey.
Pending regulatory and shareholder approvals, the transaction should close during the second quarter.
TANAP, which extends about 1,800 km across Türkiye, is the central section of the SGC pipeline system that takes gas from Shah Deniz to markets in Europe.
Last November 2024, Apollo and bp completed a previous agreement for Apollo to partner with bp on the TAP pipeline, the final section of the SGC.
The two companies plan to seek opportunities for further cooperation, including in infrastructure, gas and low carbon energy.
