Apollo Buys $1 Billion Stake in BP’s 1,118-Mile TANAP Pipeline Spanning Türkiye
(P&GJ) — Apollo and bp have entered into a new agreement under which Apollo-managed funds will acquire a 25% non-controlling stake in BP Pipelines (TANAP) Ltd, the bp subsidiary that holds a 12% interest in the Trans-Anatolian Natural Gas Pipeline (TANAP).
The $1 billion investment deepens Apollo’s involvement in the Southern Gas Corridor (SGC), following a similar 2024 agreement to partner on the Trans Adriatic Pipeline (TAP), the final segment of the system delivering natural gas from the Caspian Sea to Europe.
TANAP spans approximately 1,800 kilometers (1,118 miles) across Türkiye and serves as the central segment of the SGC, transporting gas from the bp-operated Shah Deniz field in Azerbaijan to European markets.
The transaction supports bp’s plan to generate $20 billion in divestments and proceeds, allowing the company to unlock capital while retaining its role as the controlling shareholder of bp TANAP. The energy major will continue to hold strategic governance rights in the joint venture.
“We are pleased to extend our partnership with Apollo and to deepen our partnership in this key piece of energy infrastructure for Europe,” said William Lin, bp executive vice president for gas & low carbon energy. “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.”
The deal is expected to close in the second quarter of 2025, pending regulatory and shareholder approvals.
Apollo partners expressed optimism about the investment’s long-term value.
“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,” said Skardon Baker, Apollo Partner.
“We value the opportunity for our funds to further partner with bp on this critical European infrastructure asset,” added Leslie Mapondera, Apollo Partner. “This investment underscores the relevance of Apollo’s capital for high quality scaled infrastructure opportunities in Europe."
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