Azerbaijan's SOCAR, Apollo Global Management agree on TANAP financing

BAKU. June 2 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) and the U.S. investment company Apollo Global Management have signed two documents on cooperation in financing the Trans-Anatolian Gas Pipeline (TANAP) project, Azerbaijani state media reported.

"During Baku Energy Week on June 1, SOCAR and Apollo Global Management signed an investment support agreement for the Trans-Anatolian Gas Pipeline (TANAP) project and a memorandum of understanding on expanding cooperation in energy financing. The documents were signed by SOCAR President Rovshan Najaf and Apollo Global Management Managing Director Jonathan Bar," the media said.

The investment support agreement for TANAP provides for strategic financial cooperation on this project.

"In particular, Apollo is acquiring a minority non-controlling stake in the holding company that owns SOCAR Turkiye Enerji's 7% stake in TANAP. Control over the asset remains with SOCAR," the media said.

The memorandum provides for an increase in existing financing for TANAP to $300 million and an exploration of financing mechanisms for other assets of SOCAR Group.

Other details of the documents are not provided, nor are there official statements from the companies.

Apollo therefore continues to expand its participation in projects related to TANAP. Following a deal with a BP structure in 2025, the company has reached a similar agreement with a structure of SOCAR Turkiye Enerji.

It was previously reported that Apollo invested in the TANAP project through a BP structure in March 2025. The company acquired 25% of the shares of BP Pipelines (TANAP) Ltd, a subsidiary of BP that holds a 12% stake in the TANAP pipeline. The transaction was estimated at approximately $1 billion.

The TANAP pipeline, 1,850 km long, is designed to transport Azerbaijani gas from the Shah Deniz field as part of the Stage 2 project from the Georgian-Turkish border to Turkey's western borders. Currently, the pipeline's capacity is 16.2 billion cubic meters of gas per year.

Supplies of Azerbaijani gas to Turkey via TANAP began in 2018.

The shares of the TANAP project participants are distributed as follows: SOCAR - 51%, SOCAR Turkiye Enerji - 7%, BOTAS - 30% and BP - 12%.