BP said on Wednesday it had agreed to sell a 65% stake in Castrol to investment firm Stonepeak for about $6 billion, in a deal that values the oil major's lubricants unit at $10.1 billion. BP will retain exposure to Castrol's growth ‌plan over the coming years via a 35% interest in ⁠a new joint venture, with Stonepeak holding the remaining 65%, it said. The sale proceeds, which include $800 million for accelerated dividend payments, will be used to reduce debt, the London-listed company added. In a separate statement, Stonepeak said Canada Pension Plan Investment Board will invest up to $1.05 billion as part of the deal and gain an indirect stake in Castrol. The plan includes divesting its lubricants business to reduce debt and cut costs.

Source: The Star December 24, 2025 19:41 UTC