BP sells a $1 billion share in a company that has invested in the TANAP gas pipeline to Apollo.

BP has reached an agreement to sell a portion of its investment in a company involved in the TANAP gas pipeline, which connects Azerbaijan and Turkey, to Apollo Global Management for $1 billion, as announced by both companies on Friday.

CEO Murray Auchincloss is leading a $20 billion divestment plan set to continue until 2027, as BP aims to reduce its focus on renewable energy and increase its investments in oil and gas.

BP intends to lower its net debt from approximately $23 billion to a range of $14 to $18 billion.

The TANAP pipeline is part of a system that carries natural gas from the Shah Deniz gas field in the Azeri Caspian Sea to both Italy and Greece.

BP is selling 25% of a company that owns a 12% stake in TANAP to Apollo.

Last September, BP agreed to sell a stake in its unit that holds a 20% interest in the Trans Adriatic gas pipeline, which is part of the same network as TANAP, to Apollo.

BP has indicated that it will keep exploring opportunities for further collaboration with Apollo, particularly in areas such as infrastructure, gas, and low carbon energy assets.