bp and Apollo have announced an agreement where Apollo-managed funds will purchase a non-controlling stake in bp Pipelines TAP Limited, valued at approximately $1 billion. This subsidiary holds a 20 percent share in Trans Adriatic Pipeline AG. Despite the sale, bp will retain control of the subsidiary.
The Trans Adriatic Pipeline is a critical infrastructure for transporting natural gas from the Shah Deniz gas field in Azerbaijan to Europe, supporting energy needs in countries like Greece and Italy. The partnership also opens the possibility for future cooperation between bp and Apollo on other energy and low-carbon investments.
This transaction will contribute to bp’s divestment targets for 2024 and is expected to close in the fourth quarter, pending regulatory and partner approvals.
For more information visit www.bp.com
