BP to sell 65% stake in $10 billion Castrol Lubricants to Stonepeak

britain’s blood pressure Months after oil giant Castrol sought a buyer for the unit, the lubricants company agreed to sell a 65% stake in Castrol for $6 billion.

The deal comes as the company plans to launch a strategic reset, including a green strategy U-turn and divestment of $20 billion in assets by the end of 2027. The value of the sale to Castrol was $10.1 billion.

Energy companies, including India’s Reliance Industries and Saudi Arabia’s oil giant Aramco, as well as private equity firms Apollo Global Management and Lone Star Funds, were also floated as suitors for BP’s Castrol unit in May. BloombergQuoting people who know the subject.

“With this, we have completed or announced more than half of our targeted $20 billion divestiture program and the proceeds will significantly strengthen BP’s balance sheet,” interim CEO Carol Howle said in a statement.

“The sale marks a significant milestone in the ongoing rollout of our reset strategy. We are reducing complexity, focusing on our leading integrated businesses downstream and accelerating the execution of our plan.”

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