BP (BP) has agreed to sell a stake in a firm invested in the TANAP gas pipeline linking Azerbaijan and Turkey for $1 billion to Apollo Global Management, the two firms said on Friday.

CEO Murray Auchincloss is spearheading a $20 billion disposal programme through 2027 as BP looks to cut back on renewables while increasing spending on oil and gas.

BP aims to cut net debt to $14-$18 billion from around $23 billion currently.

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

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

BP agreed a sale to Apollo last September of a stake in the BP unit that holds a 20% stake in the Trans Adriatic gas pipeline, part of same network as TANAP.

Source: Finance.Yahoo