bp: sells $1bn stake in bp Pipelines TAP

(CercleFinance.com) - bp announces that it has reached an agreement for Apollo to acquire a minority stake in bp Pipelines TAP Limited, its subsidiary which owns 20% of Trans Adriatic Pipeline AG (TAP), in a transaction valued at around $1bn.


TAP owns and operates the final 880-kilometre section of the Southern Gas Corridor pipeline system, which transports natural gas from bp's Shah Deniz gas field in Azerbaijan to European markets such as Greece and Italy.

The transaction is expected to close in Q4 2024, subject to regulatory and partner approvals. Following completion, bp will remain the majority shareholder of bp Pipelines TAP Limited.

bp and Apollo will also look to partner on other investment opportunities, including potential cooperation in gas and low-carbon energy assets and infrastructure.


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