LONDON (dpa-AFX) - bp and Apollo (APO) have reached agreements for Apollo-managed funds to purchase a 25% non-controlling stake in BP Pipelines Ltd - bp TANAP - the bp subsidiary that holds bp's 12% interest in TANAP, owner and operator of the pipeline that carries natural gas from Azerbaijan across Türkiye. Apollo funds will purchase the non-controlling shareholding in bp TANAP for a consideration of approximately $1.0 billion.
bp will remain the controlling shareholder of bp TANAP. Proceeds arising from the transaction will contribute towards bp's programme for $20 billion in divestment and other proceeds.
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