BP sells a $1 billion stake in a firm linked to the TANAP gas pipeline to Apollo Global Management, aligning with its $20B asset disposal plan through 2027.
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| BP sells a $1B stake in a TANAP-linked firm to Apollo, part of its $20B asset sale plan. The deal supports BP’s strategy to cut debt and refocus on oil. Image: BP |
LONDON, UK — March 22, 2025:
BP has agreed to sell a $1 billion stake in a firm invested in the TANAP gas pipeline, which links Azerbaijan and Turkiye, to Apollo Global Management, the two companies announced on Friday.
The sale is part of BP’s $20 billion asset disposal program through 2027, a move aimed at cutting debt while increasing investment in oil and gas. The company seeks to reduce net debt from around $23 billion to a target range of $14 billion to $18 billion.
TANAP, a key section of the Southern Gas Corridor (SGC), transports natural gas from Azerbaijan’s Shah Deniz field in the Caspian Sea to Europe via Turkiye. BP is selling Apollo a 25% stake in BP Pipelines, a company that holds 12% ownership in TANAP.
The transaction is expected to close in Q2 2025, pending regulatory approvals and consent from TANAP shareholders.
This follows BP’s agreement last September to sell Apollo a stake in its unit that holds a 20% share in the Trans Adriatic Pipeline (TAP), another critical link in the SGC network. BP stated it would continue exploring further collaboration with Apollo, particularly in infrastructure, gas, and low-carbon energy projects.