BP has announced an agreement to sell a majority stake in its Castrol division to US investment firm Stonepeak Partners. The deal values the business at approximately $10.1 billion, including debt. This move is part of BP’s ongoing strategy to refocus its portfolio and strengthen its financial position.
Under the terms of the agreement, Stonepeak Partners will acquire a controlling interest in Castrol, the company’s global lubricant brand. BP will retain a significant residual stake in the division, allowing it to continue participating in Castrol’s future growth opportunities. The transaction is expected to close after customary regulatory approvals.
The sale reflects BP’s broader effort to streamline its operations and shift toward more diversified energy markets. Industry analysts view the move as a strategic step for BP to generate capital and reduce exposure in certain business segments, aligning with its climate and transformation goals.
The deal is anticipated to be finalized in the coming months, with BP and Stonepeak Partners remaining engaged in discussions about the integration process and future governance of Castrol. The transaction marks a significant milestone in BP’s ongoing restructuring efforts in response to changing market dynamics.