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BP PLC on Friday said it is partnering with Apollo Global Management Inc on the Tanap pipeline, which carries natural gas from Azerbaijan across Turkey. London-based oil major BP said it agreed that Apollo-managed funds will buy a 25% non-controlling stake in BP Pipelines Tanap Ltd - BP Tanap - the BP subsidiary that holds BP’s 12% stake in Tanap. Under the deal, Apollo funds will buy the non-controlling stake in BP Tanap for about $1.0 billion, with proceeds from the deal to contribute towards BP’s programme for $20 billion in divestment and other proceeds. BP said it will remain the controlling shareholder of BP Tanap and retain a long-term commercial and strategic interest. BP shares were down 0.4% to 446.85 pence on Friday morning in London, while Apollo Global Management shares had closed 1.0% higher at $144.77 on Thursday in New York. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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