BP is selling its 65% stake in Castrol for 10 billion dollars.

Strategic Sale by BP: Majority Stake in Castrol is Being Sold

BP has decided to sell its 65% stake in the Castrol unit to Stonepeak Partners. With this agreement, the value of Castrol, including debts, has been set at $10.1 billion.

$6 Billion Revenue Expectation

The company plans to generate approximately $6 billion in revenue from this sale. After the transaction, BP will continue to retain its minority stake in Castrol.

BP's Asset Divestiture Strategy

This agreement is an important part of BP's plan to divest $20 billion worth of assets by 2027. The company continues to take such strategic steps to reverse its past poor performance.

Restructuring Move

BP initiated the process for the sale of Castrol in February. At that time, the then-CEO Murray Auchincloss announced a new strategic restructuring plan for the company's future.