Summary
BP has sold a 65% stake in its motor oil division, Castrol, for $6 billion to New York-based investment firm Stonepeak. With this sale, BP plans to reduce its debts and concentrate on its main oil and gas business. BP will keep the remaining 35% of Castrol as it continues to restructure its operations.
Key Facts
- BP sold a 65% stake in Castrol to Stonepeak, a U.S. investment firm.
- The deal is valued at $10.1 billion, with BP receiving $6 billion in cash.
- BP will use the money to pay debts and focus on its main oil and gas operations.
- BP keeps a 35% stake in Castrol, which it has controlled since 2000.
- This sale is part of BP’s plan to sell off $20 billion worth of assets.
- BP’s strategy shift includes reducing investment in green energy.
- The Castrol sale follows recent leadership changes at BP, including a new CEO.
