- Apollo buys a non-controlling stake in bp Pipelines TAP Limited, holding a 20% share in Trans Adriatic Pipeline AG, valued at $1 billion.
- This deal offers Apollo exposure to a prime energy asset and helps bp reallocate capital.
Mon Sep 16 07:49:55 -2024 UTC– Apollo Funds (NYSE: APO) invests in bp Pipelines TAP Limited, gaining a stake in Trans Adriatic Pipeline AG for around $1 billion.
Shah Deniz gas field in the Azerbaijan
Trans Adriatic Pipeline AG is a key European energy infrastructure and vital for gas markets such as Greece and Italy. It constitutes the final 880-kilometer 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.
Strategic Cooperation
This move enhances Apollo’s energy asset exposure and aids bp in reallocating capital efficiently. The partnership also explores broader collaboration on energy transition opportunities as both companies are exploring further strategic cooperation.
Nobot.News is not a bot, but powered by generative AI. Here’s the full disclosure:
About Lisa
Subscribe to Lisa’s Newsletter today!
Keep Up: Nobot.News Launches Breaking Newsletter
Read more Business News as it happens!
Business