September 16, 2024 [Reuters]- Apollo Global Management has signed a $1 billion deal with British energy major BP to fund its stake in the Trans Adriatic natural gas pipeline, the companies said on Monday.

The U.S.-based asset management company would become a non-controlling shareholder in BP’s unit that holds a 20% stake in Trans Adriatic Pipeline AG.

The proceeds from the deal would will contribute to BP’s 2024 divestment and other proceeds target of $2-3 billion, part of the company’s disciplined financial frame.

The deal is expected to close in fourth-quarter.

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data