BP to Sell Share in Trans Adriatic Pipeline for $1 Billion
By Ian Walker
BP is selling an undisclosed share in the Trans Adriatic Pipeline to Apollo for $1 billion.
The British energy giant said Monday that it is selling a non-controlling share in BP Pipelines TAP, which holds a 20% share in Trans Adriatic Pipeline. It will remain the controlling shareholder after the deal.
Trans Adriatic Pipeline owns and operates the final 880-kilometer leg of the Southern Gas Corridor pipeline system that transports natural gas from the Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to markets in Europe.
BP said that the two parties will also look to partner on additional investment opportunities, including potential co-operation in both gas and low-carbon energy assets, and infrastructure.
The sale is expected to complete in the fourth quarter of this year, subject to regulatory and other approvals, BP said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
September 16, 2024 07:40 ET (11:40 GMT)
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