Published by Global Banking & Finance Review®
Posted on March 21, 2025
2 min readLast updated: January 24, 2026
Add as preferred source on GoogleBP sells a $1 billion stake in the TANAP gas pipeline to Apollo, aiming to cut debt and focus on oil and gas investments.
By Shadia Nasralla
(Reuters) - BP has agreed to sell a stake in a firm invested in the TANAP gas pipeline linking Azerbaijan and Turkey for $1 billion to Apollo Global Management, the two firms said on Friday.
CEO Murray Auchincloss is spearheading a $20 billion disposal programme through 2027 as BP looks to cut back on renewables while increasing spending on oil and gas.
BP aims to cut net debt to $14-$18 billion from around $23 billion currently.
The TANAP pipeline is part of a network that transports natural gas from the Shah Deniz gas field in the Azeri Caspian Sea to Italy and Greece.
BP is selling Apollo 25% of a company that holds a 12% stake in TANAP.
BP agreed a sale to Apollo last September of a stake in the BP unit that holds a 20% stake in the Trans Adriatic gas pipeline, part of same network as TANAP.
BP said it would continue to explore opportunities for further cooperation with Apollo, including in infrastructure, gas and low carbon energy assets.
(Reporting by Shadia Nasralla in London, additional reporting by Yamini Kalia in Bengaluru; editing by Janane Venkatraman, Mrigank Dhaniwala, Jason Neely)
The main topic is BP's sale of a $1 billion stake in the TANAP gas pipeline to Apollo Global Management.
BP is selling its stake as part of a $20 billion disposal program to reduce debt and focus on oil and gas.
The TANAP pipeline transports natural gas from Azerbaijan's Shah Deniz field to Europe.
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