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

Strategic Sale from BP: Majority Stake in Castrol Being Sold

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

$6 Billion Revenue Expected

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

BP's Asset Divestment Strategy

This deal is a significant part of BP's plan to divest assets worth $20 billion by 2027. The company continues to take such strategic steps in order 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 future of the company.