17:03 - 16.09.2024

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September 16, Fineko/abc.az. British BP and an American global alternative investment management company Apollo has entered into an agreement for the purchase by Apollo-run funds the non-controlling stake in BP Pipelines TAP Limited, a subsidiary of BP that owns 20% of shares in Trans Adriatic Pipeline AG (TAP).The transaction value is estimated at about $1 billion, ABC.AZ reports, referring to BP’s statement.

“BP and Apollo have entered into an agreement on the purchase of the non-controlling stake in BP Pipelines TAP Limited Apollo-run funds. The value of the transaction is estimated at approx. $1 billion. After completion of the transaction, BP will remain the controlling shareholder of bp Pipelines TAP Limited,” the statement said.

BP and Apollo also plan to look for opportunities for cooperation within the framework of additional investment opportunities, including potential cooperation in the field of gas and low-carbon energy assets, as well as infrastructure.

The proceeds from the transaction will be used to implement BP's goal of asset disposal and other purposes in the amount of $2-3 billion in 2024, “which is part of the company's disciplined financial structure”.

The transaction is expected to close in the 4th quarter of 2024, subject to standard required approvals from regulators and partners.