BP agrees deal to sell £7.4bn stake in Castrol to US investment firm
Stonepeak will acquire 65% of lubricants business as part of wider plans for the oil company to pay down its debtBusiness live – latest updatesBP has agreed to sell a majority stake in its $10bn (£7.4bn) lubricants business Castrol to the US investment firm Stonepeak, as the new chair, Albert...
<p>Stonepeak will acquire 65% of lubricants business as part of wider plans for the oil company to pay down its debt</p><ul><li><p><a href="https://www.theguardian.com/business/live/2025/dec/24/gold-silver-platinum-record-highs-santa-rally-bp-castrol-stake-sale-business-live-news-updates">Business live – latest updates</a></p></li></ul><p>BP has agreed to sell a majority stake in its $10bn (£7.4bn) lubricants business Castrol to the US investment firm Stonepeak, as the new chair, Albert Manifold, rapidly reshapes the under-pressure oil and gas company.</p><p>Stonepeak will acquire a 65% stake in Castrol, in a deal that values the division at $10.1bn including its debt. The deal, which will see BP retain a 35% stake in the business through a joint venture, is expected to close at the end of next year, the company said on Wednesday.</p> <a href="https://www.theguardian.com/business/2025/dec/24/bp-agrees-deal-to-sell-74bn-stake-in-castrol-to-us-investment-firm">Continue reading...</a>
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