12:24 - 20.09.2024

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September 20, Fineko/abc.az. BP Azerbaijan sells its 20% stake in the gas pipeline from Azerbaijan to Europe.

ABC.AZ reports that according to company's press service, BP has agreed to sell its shares in the Trans Adriatic Pipeline (TAP) to American private investment fund Apollo Global Management. The purchase and sale amount is $1 billion.

TAP pipeline annually supplies more than 10 bcm of Azerbaijani gas to Europe. Currently, in accordance with the agreement reached between Azerbaijan and the EU, negotiations are underway to attract investments aimed at doubling the belt's capacity by 2027. But it also requires an increase in gas production and construction of new compressor stations.

This is a private investment fund worth about $600 billion under the management of Apollo Global Management, which is going to buy shares of the company. Apollo Global Management invests on behalf of pension funds, endowments and sovereign wealth funds, as well as other institutional and private investors.