News
Freshfields advises bp on its partnership with Apollo on TANAP gas pipeline in a transaction valued at c.$1bn
Global law firm Freshfields advises bp on its agreement for Apollo-managed funds to purchase a 25% non-controlling stake in BP Pipelines (TANAP) Limited (‘bp TANAP’), the bp subsidiary that holds bp’s 12% interest in TANAP Doğalgaz İletim A.Ş., the owner and operator of the Trans Anatolian Pipeline (‘TANAP’). Under the agreement, Apollo funds will purchase the non-controlling shareholding in bp TANAP for approximately $1.0bn. The transaction is anticipated to close in 2Q 2025, subject to regulatory and TANAP shareholders approvals.
TANAP, running for approximately 1,800km across Türkiye, is the central section of the Southern Gas Corridor (SGC) pipeline system. The SGC transports gas from the bp-operated Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to markets in Europe, including Italy and Greece. In November 2024, Apollo and bp completed their previous transaction for Apollo to partner with bp on the Trans Adriatic Pipeline (the final leg of the SGC), on which Freshfields also advised.
The Freshfields team included partners Samira Afrasiabi and Graham Watson, counsel Bukunola Alakija, and associate Yoel Gordon. Tax advice was provided by partner Helen Buchanan and senior associate David Haughey.
