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, is determined to be $10.1 billion.

$6 Billion Revenue Expectation

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 sale transaction.

BP's Asset Divestment Strategy

This agreement is a crucial 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 had initiated the process for the sale of Castrol back in February. At that time, then-CEO Murray Auchincloss announced a new strategic restructuring plan for the future of the company.