BP Nears Landmark Sale of Castrol Stake

BP is close to selling a majority stake in its Castrol lubricants division to investment firm Stonepeak. The deal values the entire division at $10 billion, including debt. This information was reported by the Wall Street Journal, though Reuters has yet to verify the report.

BP is reportedly in the final stages of selling a majority stake in its Castrol lubricants business to investment firm Stonepeak. The deal is said to value the entire division at $10 billion, including any debts, according to sources cited by the Wall Street Journal.

This sale marks another significant reshaping of BP's portfolio as the company shifts focus amid a rapidly changing energy landscape. The Castrol division, known for its high-quality lubricants, could see new growth strategies under Stonepeak's investment.

While Reuters was unable to immediately verify these claims, the potential sale underscores BP's strategy to streamline its operations, allowing it to focus more intently on sustainable and renewable energy initiatives.