Apollo values Trans-Anatolian Natural Gas Pipeline deal with SOCAR at $1 bln
BAKU. June 9 (Interfax) - The investment agreement signed last week by U.S. investment firm Apollo Global Management (AGM) with the State Oil Company of the Azerbaijan Republic (SOCAR) to finance the Trans-Anatolian Natural Gas Pipeline (TANAP) is valued at $1 billion, according to the statement from AGM.
"Apollo Global Management has signed a $1 billion investment agreement with SOCAR. Apollo's funds have thus provided $1 billion to SOCAR's subsidiary, which owns the state oil company's stake in the Trans-Anatolian Natural Gas Pipeline (TANAP), a key element of Europe's Southern Gas Corridor. This transaction continues Apollo's growing involvement in European energy infrastructure," according to the statement.
AGM also reports that over the past year, Apollo's funds have committed more than $16 billion to critical energy assets across the European continent, spanning wind and nuclear power in the UK, grid expansion in Germany, and traditional gas infrastructure serving end markets in Southern Europe.
"We have invested over $50 billion in large-scale financings of European assets and companies over the past several years, and Apollo had approximately $235 billion in assets under management in the region as of March 31, 2026," the company said.
During the Baku Energy Week on June 1, 2026, SOCAR and Apollo Global Management signed an agreement on investment support for the Trans-Anatolian Natural Gas Pipeline (TANAP) project and a memorandum of understanding to expand cooperation in energy financing, during the Baku Energy Week on June 1, 2026, as reported.
The TANAP investment support agreement provides for strategic financial cooperation on this project. Specifically, Apollo should acquire a minority non-controlling stake in the holding company that owns SOCAR Turkiye Enerji's 7% stake in TANAP. SOCAR should retain control of the asset.
The memorandum, in turn, envisages an increase in existing TANAP financing to $300 million and the exploration of financing mechanisms for other assets of the SOCAR group.
Thus, Apollo continues to expand its involvement in TANAP-related projects. The company reached a similar agreement with SOCAR's Turkiye Enerji following its transaction with a subsidiary of BP plc in 2025,.
Azerbaijan also exports gas to Turkey via the Trans-Anatolian Natural Gas Pipeline (TANAP) and the South Caucasus Pipeline Mainline, as well as to Georgia via the South Caucasus Pipeline Mainline and the Ajikabul-Gazakh gas pipeline.
It was previously reported that in March 2025, Apollo invested in the TANAP project through a subsidiary of BP plc. The company acquired a 25% stake in BP Pipelines (TANAP) Ltd, a subsidiary of BP, which holds a 12% stake in the TANAP gas pipeline. The transaction was valued at approximately $1 billion.
Furthermore, Azerbaijan began shipping gas to Syria via Turkey in August 2025. Initial supplies are 3.4 million cubic meters per day, with a planned increase to 6 million cubic meters per day.
