Apollo Funds To Purchase Non-controlling Shareholding In Bp TANAP - Quick Facts

(RTTNews) - bp and Apollo (APO) have reached agreements for Apollo-managed funds to purchase a 25% non-controlling stake in BP Pipelines Ltd - bp TANAP - the bp subsidiary that holds bp's 12% interest in TANAP, owner and operator of the pipeline that carries natural gas from Azerbaijan across Türkiye. Apollo funds will purchase the non-controlling shareholding in bp TANAP for a consideration of approximately $1.0 billion.

bp will remain the controlling shareholder of bp TANAP. Proceeds arising from the transaction will contribute towards bp's programme for $20 billion in divestment and other proceeds.