Ex-Shell CEO van Beurden to chair Castrol as Stonepeak closes deal with BP

Former Shell ​CEO Ben van Beurden ‌will chair Castrol's ​board after Stonepeak completed its acquisition of a 65% stake in the lubricants ‌maker from BP on Monday, the US private equity firm said.

BP agreed the stake sale last year and will retain a 35% stake ‌in a new joint venture with Stonepeak. The oil ‌major separately confirmed on Monday that it would use $6 billion in after-tax proceeds to trim debt and bolster its finances. "This deal brings meaningful cash proceeds ⁠to ​bp today while retaining ⁠a valuable stake in Castrol’s future growth," BP Chief Executive Meg O'Neill ⁠said in a statement.

BP's net debt has fallen to $13.9 billion, allowing ​it to reach its net debt target a year ahead ⁠of schedule, it said last week. Stonepeak said in conjunction with the closing, Castrol ⁠has appointed ​a new board chaired by van Beurden, the former CEO of Shell and current chairman of Clariant AG.

The board ⁠will include four independent directors including the chair, three directors affiliated with ⁠Stonepeak, two directors ⁠from BP and one director from CPP Investments, which is also investing as an indirect minority ‌holder.