(Reuters) -Apollo International Administration has signed a $1 billion cope with British power main BP (NYSE:) to fund its stake within the Trans Adriatic pipeline, the businesses stated on Monday.

The U.S.-based asset administration firm would turn out to be a non-controlling shareholder in BP’s unit that holds a 20% stake in Trans Adriatic Pipeline AG.

Different shareholders, with 20% stake every, are Azerbaijan’s state power firm SOCAR, Italy’s Snam, Belgium-based Fluxys and Spain’s Enagas.

The Trans Adriatic Pipeline (TAP) operates a pure gasoline transportation infrastructure from the Greek border with Turkey to Southern Italy.

Trans Adriatic Pipeline AG is the ultimate 880-kilometre leg of the Southern Fuel Hall pipeline system – a 3,500-kilometre community stretching from the Caspian Sea to Europe. It transports pure gasoline from the BP-operated Shah Deniz gasoline area within the Azerbaijan sector of the Caspian Sea to markets in Europe similar to Greece and Italy.

The proceeds from the deal would contribute to BP’s 2024 divestment and different proceeds goal of $2-3 billion, a part of the corporate’s disciplined monetary body.

“We’re happy to associate with BP on an settlement that can present our traders with long-term publicity to an industry-leading infrastructure asset with a steady money circulation profile, whereas permitting BP to fulfill its targets of retaining management and executing on its capital effectivity technique,” stated Leslie Mapondera, Apollo Companion.

BP’s shares rose 0.5% to 406.10p by 0830 GMT.

The deal is predicted to shut within the fourth quarter and BP will stay the controlling shareholder of the unit upon completion.

BP and Apollo may even look to associate on extra funding alternatives, together with potential cooperation in each gasoline and low-carbon power property, and infrastructure, the businesses stated in an announcement.