BP Sells $1B Stake in Key Azerbaijan-Turkiye Gas Pipeline

Group 1: BP's Transaction and Strategic Moves - BP has secured a $1 billion deal with Apollo-managed funds to divest a 25% non-controlling stake in BP Pipelines, which holds BP's 12% interest in the Trans-Anatolian Natural Gas Pipeline (TANAP) [1] - The agreement builds on a previous transaction in November 2024, where Apollo acquired a stake in the Trans Adriatic Pipeline, enhancing BP's ability to monetize infrastructure assets while retaining strategic governance rights [2] - The sale is expected to close in the second quarter of 2025, pending regulatory and shareholder approvals, and is part of BP's broader divestment program targeting$ 20 billion in proceeds [3] Group 2: Importance of TANAP and European Energy Security - TANAP spans approximately 1,800 kilometers across Türkiye and is a crucial segment of the Southern Gas Corridor, delivering gas from Azerbaijan's Shah Deniz field to European markets [4] - The pipeline plays a vital role in European energy security by ensuring a steady supply of natural gas [4] Group 3: Operational Updates and Future Prospects - BP recently resolved a temporary shutdown at its Shah Deniz Alfa platform due to a subsea pipeline technical issue, with operations resuming swiftly [5] - The Shah Deniz project has been a cornerstone of Azerbaijan's gas exports since 2007, with the second phase expanding production capabilities [5] - BP continues to optimize its portfolio while maintaining a stake in energy infrastructure critical for European gas supply [6]