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U.S. investment giant Apollo Global Management has increased its indirect stake in the Trans-Anatolian Natural Gas Pipeline (TANAP) through a new financing deal with Azerbaijan's SOCAR.
The agreement expands the firm's footprint in the strategic energy corridor, which carries Azerbaijani gas across Türkiye and into Europe.
Under an agreement signed at Baku Energy Week on Monday, Apollo will take a minority, non-controlling interest in the holding company that holds SOCAR Türkiye 7% share in TANAP, while SOCAR retains control of the asset.
While financial terms of the latest acquisition were not disclosed, the deal gives Apollo indirect exposure to another portion of the pipeline's ownership structure without changing the project's shareholder makeup.
The agreement was signed by SOCAR President Rovshan Najaf and Apollo Managing Director Jonathan Bar as part of a broader package aimed at expanding cooperation in energy financing, Russian agency Interfax reported.
Apollo already has a foothold in TANAP through BP. In March 2025, the U.S. firm acquired a 25% stake in BP Pipelines (TANAP) Ltd, a BP subsidiary that holds a 12% interest in the pipeline. The roughly $1 billion deal translated into an indirect 3% stake in TANAP.
Alongside the stake acquisition, SOCAR and Apollo signed a memorandum of understanding that increases existing financing for TANAP to $300 million and opens discussions on potential financing mechanisms for other SOCAR Group assets.
Stretching 1,850 kilometers across Türkiye, TANAP forms the backbone of the Southern Gas Corridor, transporting natural gas from Azerbaijan's Shah Deniz field toward European markets.
Gas deliveries through the pipeline began in 2018. TANAP currently has an annual transmission capacity of 16.2 billion cubic meters.
The project's shareholders remain SOCAR with 51%, SOCAR Türkiye with 7%, BOTAS with 30%, and BP with 12%. Because Apollo's latest investment is made through a holding-company structure, those ownership percentages remain unchanged.
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