ANKARA, March 21, 2025 – Global asset manager Apollo has agreed to sepnd around $1 billion to buy a 25% stake in bp TANAP, which holds 12% in the Trans-Anatolian Natural Gas Pipeline (TANAP), bp said on Friday.

The stake acquisition gives Apollo-managed funds a non-controlling shareholding in BP Pipelines (TANAP), which holds bp’s 12% interest in the TANAP, part of the Southern Gas Corridor (SGC) system.

The deal follows Apollo and bp’s previous partnership on the Trans Adriatic Pipeline (TAP) in 2024, which expanded Apollo’s involvement in major European energy infrastructure.

The agreement allows bp to monetise its TANAP interest while retaining strategic governance rights in the pipeline joint venture, the company said. The transaction proceeds will support bp’s divestment target of USD 20 billion in proceeds.

“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,” bp executive vice-president for gas and low-carbon energy William Lin said.

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.”

TANAP spans approximately 1,800 kilometres across Trukey, forming the central section of the SGC system. The SGC transports gas from the bp-operated Shah Deniz gasfield in the Caspian Sea to markets in Europe, including Italy and Greece. In November 2024, Apollo and bp completed their previous agreement on TAP, the final leg of the SGC.

The transaction is expected to close in the second quarter of 2025, subject to regulatory and TANAP shareholder approvals.

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