- BP
- 16 September 2024 10:29:21
Source: Sharecast
Apollo Funds is to become a non-controlling shareholder in bp Pipelines TAP Limited, an entity which holds a 20% stake in Trans Adriatic Pipeline AG, BP said on Monday.
The transaction, which is part of BP's $2-3bn target for divestments and disposals in 2024, provides Apollo with exposure to a world-class energy asset, while allowing the energy producer to "unlock near-term value and capital for efficient reallocation".
The Trans Adriatic Pipeline is a natural gas pipeline part of the Southern Gas Corridor, moving natural gas from the Shah Deniz II field in Azerbaijan to Europe.
The two parties are also said to be exploring "greater strategic cooperation", including energy transition opportunities.
“We are very pleased to come together with Apollo on this key piece of Europe’s energy infrastructure," said William Lin, BP's executive vice president of gas and low carbon energy.
"Importantly, while bringing in a new investor, this does not diminish BP’s role in a strategic asset for our Azerbaijan gas business."