BP Partners with Apollo On TANAP Gas Pipeline

March 21 (Reuters) - BP PLC BP.L:

• APOLLO TO PARTNER WITH BP ON TANAP GAS PIPELINE

• BP: APOLLO FUNDS INVEST ABOUT $1 BILLION FOR NON-CONTROLLING SHAREHOLDING IN BP PIPELINES (TANAP)

• BP: REACHED AGREEMENTS FOR APOLLO-MANAGED FUNDS TO PURCHASE 25% NON-CONTROLLING STAKE IN BP PIPELINES (TANAP) LTD

• BP: PROCEEDS ARISING FROM TRANSACTION WILL CONTRIBUTE TOWARDS BP’S PROGRAMME FOR $20 BILLION IN DIVESTMENT AND OTHER PROCEEDS

• BP: TO REMAIN CONTROLLING SHAREHOLDER OF BP TANAP, RETAIN LONG-TERM COMMERCIAL & STRATEGIC INTEREST

• BP: BP AND APOLLO CONTINUE TO EXPLORE OPPORTUNITIES FOR FURTHER COOPERATION

Source text: [ID:]