World News
BP Sells Majority Stake in Lubricants Firm Castrol
Global energy firm BP has signed a deal to sell the majority of lubricants firm Castrol.
BP will sell 65% of Castrol to investment firm Stonepeak at an enterprise value of $10 billion, it said in a statement on its website on Wednesday.
Upon completion of the transaction a new joint venture will be incorporated comprising 65% Stonepeak and 35% BP ownership.
The transaction is expected to complete by the end of 2026, subject to regulatory approvals.
"The sale marks an important milestone in the ongoing delivery of our reset strategy," Carol Howle, interim CEO of BP, said in the statement.
"We are reducing complexity, focusing the downstream on our leading integrated businesses, and accelerating delivery of our plan.
"And we are doing so with increasing intensity – with a continued focus on growing cash flow and returns, and delivering value for our shareholders."
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