BP to Sell Gas Pipeline Stake to Apollo Funds for $1 Billion (2)

BP Plc said Apollo-managed funds will purchase a 25% non-controlling stake in BP Pipelines — known as BP TANAP — for about $1 billion, marking the British energy giant’s first divestment under its turnaround plan.

TANAP holds BP’s 12% interest in the Trans-Anatolian natural gas pipeline, part of the Southern Gas Corridor pipeline system that carries fuel from the Shah Deniz field in the Azerbaijan section of the Caspian Sea through Turkey to markets in Europe, including Italy and Greece.

The deal is set to close in the second quarter, subject to regulatory and TANAP shareholder approvals. Proceeds from the ...