The BP plc-led Trans Adriatic Pipeline AG (TAP), a leg of the Southern Gas Corridor system that moves natural gas from Azerbaijan to European markets, has gained a new partner.
Private equity giant Apollo Global Management agreed to pay $1 billion to purchase a stake in BP subsidiary TAP Ltd. BP owns a 20% share in the system and would continue as the controlling shareholder.
TAP, which began commercial operations in 2020, extends 547 miles, transporting supply from the BP-operated Shah Deniz field in the Azerbaijan sector of the Caspian Sea to markets in Europe, including Greece and Italy. TAP had initial capacity of 10 billion cubic meters, and an expansion is underway to double capacity.
