BP is close to reaching an agreement to sell a majority stake in its Castrol unit to investment firm Stonepeak Partners, according to reports from The Wall Street Journal. The proposed deal is part of BP’s broader strategy to streamline its operations and focus on core areas such as renewable energy and low-carbon solutions.
Details of the transaction, including the valuation and the precise ownership stake to be transferred, have not been publicly disclosed. If finalized, the sale would mark a significant shift for BP’s automotive and industrial lubricant business, which has been a key part of its diversified portfolio.
Stonepeak Partners, an infrastructure-focused investment firm, is expected to acquire a controlling interest in Castrol, potentially providing the unit with additional capital and strategic support for future growth. BP aims to complete the agreement in the near future, subject to regulatory approvals and due diligence.
The deal reflects ongoing industry consolidation and the reevaluation of investment priorities among major oil and gas companies amid the global energy transition. BP has not yet made an official comment regarding the potential sale.