BP to sell majority stake in $10bn Castrol business to US investment firm
Stonepeak will acquire 65% of lubricants business as part of wider plans for the oil company to pay down its debt
TL;DR
- BP is selling a 65% stake in Castrol to Stonepeak for $10.1 billion.
- The proceeds from the sale will be used to pay down BP's debt.
- This divestment is part of BP's strategy to sell $20 billion in assets.
- BP will retain a 35% stake in Castrol through a joint venture.
- The deal is expected to close by the end of next year.
- BP's new chair, Albert Manifold, is overseeing a strategic overhaul.
- Petrofac is selling its asset solutions business to CB&I.