Apollo To Acquire 25% Non-Controlling Stake In BP’s TANAP Unit For $1B: Retail’s Optimistic

Funds managed by asset manager Apollo (APO) are set to acquire a 25% non-controlling stake in BP’s TANAP unit, which holds the oil major’s 12% interest in TANAP, the owner and operator of the pipeline that carries natural gas from Azerbaijan across Türkiye.

Apollo funds will acquire the non-controlling interest for approximately $1 billion, and proceeds from the transaction will contribute toward BP’s $20 billion divestment and other proceeds program.

TANAP, which runs for approximately 1,800 kilometers (km) across Türkiye, is the central section of the SGC pipeline system that transports gas from the BP-operated Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to markets in Europe, including Italy and Greece.

BP will continue to be the controlling shareholder of BP TANAP and retain long-term commercial and strategic interests, including governance rights, in the pipeline.

The companies expect the transaction to close in the second half of 2025.

William Lin, Executive Vice President of Gas & Low Carbon Energy at BP, said the deal unlocks capital from the firm’s global portfolio while retaining its role in this strategic asset for bringing Azerbaijan gas to Europe.

“BP and Apollo will continue to explore further strategic cooperation and mutually beneficial opportunities,” he said.

Apollo has been in the news lately after the company disclosed that funds managed by its affiliates would acquire a majority stake in OEG Energy Group from Oaktree Capital Management, LP, and other investors.

Apollo said the transaction has a headline valuation of over $1 billion for OEG. Following the deal, Oaktree and others will retain a minority equity interest in the company.

On Stocktwits, retail sentiment surrounding Apollo and BP trended in the ‘bullish’ territory on Friday morning.

APO’s Sentiment Meter and Message Volume as of 8:16 a.m. ET on March 21, 2025 | Source: Stocktwits BP’s Sentiment Meter and Message Volume as of 8:16 a.m. ET on March 21, 2025 | Source: Stocktwits

BP shares have gained over 16% in 2025, while Apollo shares have lost nearly 13% this year.

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