BP agreed to sell to Apollo Global Management its 25% non-controlling stake in BP Pipelines for approximately $1 billion, according to a March 21 press release.

BP Pipelines holds a 12% interest in the Trans-Anatolian Natural Gas Pipeline (TANAP), which transports natural gas from Azerbaijan across Turkey, the release stated.

TANAP, the 1,800-km Turkish segment of the Southern Gas Corridor (SGC), transports gas from the BP-operated Shah Deniz field to Europe, including Italy and Greece.

The line is a “vital part of the gas value chain” for the Shah Deniz gas field located in the Azerbaijan sector of the Caspian Sea, the company said.

TANAP is a joint venture between SGC, 51% ownership, BOTAŞ, 30%, BP, 12% and SOCAR Turkey Enerji, 7%.

BP will remain the controlling shareholder of BP TANAP and retain a long-term commercial and strategic interest, including governance rights, in the pipeline, the release stated.  

Proceeds from this transaction will contribute toward BP’s $20 billion divestment program, BP said.

The transaction is anticipated to close in second-quarter 2025, subject to regulatory conditions and TANAP shareholders approvals.

“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,” said William Lin, BP executive vice president of gas and low carbon energy.

 In September 2024, Apollo purchased BP’s 20% stake in the Trans Adriatic Pipeline (TAP) for $1 billion. TAP is the SGC's final leg which runs from Greece, across the Adriatic Sea and into southern Italy. 

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