Freshfields Advises Bp On Sale Of Stake In TAP Subsidiary To Apollo-Managed Funds
Date
9/19/2024 8:16:42 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 19. Freshfields
Bruckhaus Deringer has advised bp on the sale of a non-controlling
stake in its subsidiary, bp Pipelines TAP Limited, to funds managed
by Apollo, Trend
reports via Freshfields.
The bp subsidiary holds a 20 percent interest in Trans Adriatic
Pipeline AG. The transaction, valued at approximately $1 billion,
is expected to close in the fourth quarter of 2024, pending
regulatory and partner approvals.
bp and Apollo recently announced an agreement for Apollo-managed
funds (the“Apollo Funds”) to purchase a non-controlling stake in
bp Pipelines TAP Limited, the bp subsidiary that holds a 20 percent
share in Trans Adriatic Pipeline AG (TAP) in a transaction valued
at approximately $1 billion. Upon completion, bp will remain the
controlling shareholder of bp Pipelines TAP Limited.
bp and Apollo will also look to partner on additional investment
opportunities, including potential co-operation in both gas and low
carbon energy assets, and infrastructure.
TAP transports natural gas from the giant Shah Deniz field in
the Azerbaijani sector of the Caspian Sea to Europe. The 877 km
long pipeline connects with the Trans Anatolian Pipeline (TANAP) at
the Turkish-Greek border in Kipoi, crosses Greece and Albania and
the Adriatic Sea, before coming ashore in Southern Italy.
TAP facilitates gas supplies to Southeastern European countries
through existing and prospective interconnectors. TAP is connected
to Interconnector Greece Bulgaria (IGB) which started its
commercial operations in October 2022, providing Caspian gas to
Bulgaria, thereby enhancing the security of energy supplies in one
more European country. TAP's exit points in Greece and Albania,
together with the landfall in Italy provide multiple opportunities
for further transport of gas from Azerbaijan to the wider European
markets.
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