Apollo Global Management has completed a US$1 billion contract with BP to fund its interest in the Trans Adriatic natural gas pipeline, the firms announced on Monday (September 16).
The US-based asset management firm would become a non-controlling shareholder in BP’s business, which owns a 20% position in Trans Adriatic Pipeline.
The funds from the transaction will help BP meet its 2024 divestment and other proceeds objective of US$2-3 billion, as part of the company’s conservative financial framework.