BP (BP.L), opens new tab has agreed to sell a stake in a firm invested in the TANAP gas pipeline linking Azerbaijan and Turkey for $1 billion to Apollo Global Management (APO.N), opens new tab, the two firms said on Friday.
CEO Murray Auchincloss is spearheading a $20 billion disposal programme through 2027 as BP looks to cut back on renewables while increasing spending on oil and gas. BP aims to cut net debt to $14-$18 billion from around $23 billion currently.
The TANAP pipeline is part of a network that transports natural gas from the Shah Deniz gas field in the Azeri Caspian Sea to Italy and Greece.
BP is selling Apollo 25% of a company that holds a 12% stake in TANAP.
BP agreed a sale to Apollo last September of a stake in the BP unit that holds a 20% stake in the Trans Adriatic gas pipeline, part of same network as TANAP.
BP said it would continue to explore opportunities for further cooperation with Apollo, including in infrastructure, gas and low carbon energy assets.
Credit:reuters