Latest news with #Trans-Anatolian
Yahoo
21-03-2025
- Business
- Yahoo
BP Sells Gas Pipeline Stake to Apollo Funds for $1 Billion
(Bloomberg) -- BP Plc said Apollo-managed funds will purchase a 25% non-controlling stake in BP Pipelines — known as BP TANAP — for about $1 billion, marking the British energy giant's first divestment under its turnaround plan. New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Amtrak CEO Departs Amid Threats of a Transit Funding Pullback NYC Plans for Flood Protection Without Federal Funds TANAP holds BP's 12% interest in the Trans-Anatolian natural gas pipeline, part of the Southern Gas Corridor pipeline system that carries fuel from the Shah Deniz field in the Azerbaijan section of the Caspian Sea through Turkey to markets in Europe, including Italy and Greece. The deal is set to close in the second quarter, subject to regulatory and TANAP shareholder approvals. Proceeds from the transaction will contribute to BP's $20 billion divestment program, the company said Friday in a statement. BP has come under pressure from investors, including the aggressive activist Elliott Investment Management, to flip its trajectory. After the company's value plunged during Chief Executive Officer Murray Auchincloss's first year in the role, he announced in February that BP would return to focusing on fossil fuels after the firm previously tried moving away from hydrocarbons. Part of the strategic reset includes $20 billion worth of divestments by the end of 2027 to improve cash flows. 'This unlocks capital from our global portfolio while retaining our role in this strategic asset for bringing Azerbaijan gas to Europe,' BP Executive Vice President William Lin said in the statement. (Updates with EVP comment in final paragraph.) A New 'China Shock' Is Destroying Jobs Around the World Tesla's Gamble on MAGA Customers Won't Work How TD Became America's Most Convenient Bank for Money Launderers The Real Reason Trump Is Pushing 'Buy American' One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
21-03-2025
- Business
- Bloomberg
BP Sells Gas Pipeline Stake to Apollo Funds for $1 Billion
BP Plc said Apollo-managed funds will purchase a 25% non-controlling stake in BP Pipelines — known as BP TANAP — for about $1 billion, marking the British energy giant's first divestment under its turnaround plan. TANAP holds BP's 12% interest in the Trans-Anatolian natural gas pipeline, part of the Southern Gas Corridor pipeline system that carries fuel from the Shah Deniz field in the Azerbaijan section of the Caspian Sea through Turkey to markets in Europe, including Italy and Greece.
