Apollo-managed funds has agreed to acquire a non-controlling stake in bp Pipelines TAP for around $1 billion.
This is the bp subsidiary that holds a 20% share in Trans Adriatic Pipeline AG (TAP). Subject to regulatory and partner approvals, the transaction should close by year end. On completion, bp will remain the controlling shareholder of bp Pipelines TAP.
Trans Adriatic Pipeline AG is the owner/operator of the final 880-km section of the Southern Gas Corridor pipeline system that transports gas from the bp-operated Shah Deniz gas field in the Azerbaiji sector of the Caspian Sea to markets in Europe.
bp and Apollo will also seek other partnership opportunities including co-operations in gas and low- carbon energy assets.
