bp, a participant in a number of oil and gas projects in Azerbaijan, and Apollo today announced an agreement for Apollo-managed funds (the “Apollo Funds”) to purchase a non-controlling stake in bp Pipelines TAP Limited, APA reports citing bp.
According to the reports, the bp subsidiary that holds a 20% share in Trans Adriatic Pipeline AG (TAP) in a transaction valued at approximately $1 billion.
It was noted that upon completion, bp will remain the controlling shareholder of bp Pipelines TAP Limited.
Trans Adriatic Pipeline AG is the owner and operator of a key infrastructure asset for meeting European energy demand - the final 880-kilometre leg of the Southern Gas Corridor pipeline system that transports natural gas from the bp-operated Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to markets in Europe such as Greece and Italy.
The proceeds from the transaction will contribute to bp’s 2024 divestment and other proceeds target of $2-3 billion, part of the company’s disciplined financial frame. The transaction is expected to close in 4Q 2024, subject to customary regulatory and partner approvals required.
Currently, following are TAP's shareholders: BP - 20%, SOCAR (CQD) - 20%, "Snam S.p.A." - 20%, "Fluxys" -20%, "Enagás" -20%.
It should be noted that from December 31, 2020, the transportation of Azerbaijani gas to Europe through TAP began.
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