The energy company BP announced that it will establish a partnership with Apollo Funds on the Trans Anatolian Natural Gas Pipeline (TANAP), which is part of the Southern Gas Corridor.
According to the BP’s statement, Apollo will buy a 25 percent control of BP Pipelines (TANAP), a subsidiary of 12 percent of TANAP, for approximately 1 billion dollars.
The agreement, which is the continuation of the partnership for the Trance, the last part of the Southern Gas Corridor last year, is expected to be completed in the second quarter of the year.
According to the statement, BP will continue to hold the majority stake of BP Pipelines (TANAP) Limited and maintain long -term commercial and strategic interests, including management rights on the pipeline.
In TANAP, the Southern Gas Corridor company-SGC has 51 percent, Petroleum Transportation Inc.’s 30 percent, BP Pipelines (TANAP) Limited company 12 percent and 7 percent of Socar Turkey Enerji AŞ.
