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

Strategic Sale by BP: Majority Stake in Castrol 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.

Expected Revenue of $6 Billion

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 significant part of BP's plan to divest $20 billion worth of assets by 2027. The company is continuing to take such strategic steps in an effort to reverse its past poor performance.

Restructuring Move

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