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

Strategic Sale by BP: Majority Stake in Castrol up for Sale

BP has decided to sell its 65% stake in Castrol to Stonepeak Partners. With this deal, the total value of Castrol, including debts, has been determined at 10.1 billion dollars.

6 Billion Dollar Revenue Expectation

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

BP’s Asset Divestment Strategy

This agreement is a significant part of BP's plan to divest 20 billion dollars 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.