BP Collaborates with Apollo for Trans-Anatolian Natural Gas Pipeline

BP Tanap BP Collaborates with Apollo for Trans-Anatolian Natural Gas Pipeline

2025-03-24 Source: Press release BP 2 min Reading Time

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Apollo Funds has plans to invest ~1 billion dollars for purchasing a 25 % non-controlling stake in BP Tanap (Trans-Anatolian natural gas pipeline). The part is part of the Southern Gas Corridor pipeline system.

London/UK – BP and Apollo have announced that they have reached agreements for Apollo-managed funds to purchase a 25 % non-controlling stake in BP Pipelines (Tanap) – BP Tanap – the BP subsidiary that holds BP’s 12 % interest in Tanap, owner and operator of the pipeline that carries natural gas from Azerbaijan across Türkiye.

Under the agreement, Apollo funds will purchase the non-controlling shareholding in BP Tanap for a consideration of approximately 1.0 billion dollars. Proceeds arising from this transaction will contribute towards BP’s programme for 20 billion dollars in divestment and other proceeds.

While the deal enables BP to monetize its interest in Tanap, BP 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 2Q 2025, subject to regulatory and Tanap shareholders approvals.

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Tanap, running for approximately 1,800 km across Türkiye, is the central section of the 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 Tap - the final leg of the SGC.

BP and Apollo continue to explore opportunities for further cooperation, including in infrastructure, gas and low carbon energy assets.

William Lin, BP executive vice president, gas & low carbon energy said: “We are pleased to extend our partnership with Apollo and to deepen our partnership in this key piece of energy infrastructure for Europe. This unlocks capital from our global portfolio while retaining our role in this strategic asset for bringing Azerbaijan gas to Europe. BP and Apollo will continue to explore further strategic cooperation and mutually beneficial opportunities.”

Skardon Baker, Apollo Partner, said: “We see significant potential with our scaled, long-term capital to partner with BP, in alignment with their strategic objectives. We are pleased by the highly successful partnership to date.”

Leslie Mapondera, Apollo Partner, said: “We value the opportunity for our funds to further partner with BP on this critical European infrastructure asset. This investment underscores the relevance of Apollo’s capital for high quality scaled infrastructure opportunities in Europe."

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