British energy giant BP has agreed to sell a stake in a company invested in the TANAP gas pipeline, which links Azerbaijan and Turkiye, to Apollo Global Management for $1 billion, the two firms announced on Friday.
The sale is part of BP’s $20 billion disposal program through 2027 as it shifts focus from renewables to increased investment in oil and gas. The company aims to reduce its net debt from around $23 billion to between $14 billion and $18 billion.
TANAP, a crucial segment of the Southern Gas Corridor (SGC), transports natural gas from Azerbaijan’s Shah Deniz field in the Caspian Sea to Europe via Turkiye. As part of the deal, BP is selling Apollo a 25% stake in BP Pipelines, which holds a 12% stake in TANAP.
The transaction, pending regulatory and shareholder approvals, is expected to close in the second quarter of this year.
BP previously agreed in September to sell Apollo a stake in its unit holding a 20% share in the Trans Adriatic Pipeline (TAP), another key part of the SGC network. The company stated it would continue exploring further collaboration with Apollo in infrastructure, gas, and low-carbon energy assets.
Source: Daily Sabah
Bd-pratidin English/ Jisan
