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BP Completes Castrol Lubricants Unit Sale to Stonepeak
The oil major will use about $6 billion from the deal to reduce debt while keeping a 35% stake in the lubricants business.
- The oil major completed the 65% sale of Castrol to New York-based Stonepeak on Monday for $6 billion, aiming to trim debt and bolster its finances.
- Last year, the group agreed to the 65% sale of Castrol to simplify operations, retaining a 35% stake in a new joint venture with Stonepeak.
- New York-based Stonepeak named Former Shell CEO Ben as chairman of Castrol's board, which employs more than 6,000 staff worldwide with trusted brands.
- Results from the Third quarter showed bumper profits for the group amid soaring crude prices caused by the Iran war, enabling debt-reduction targets.
- Castrol CEO Michelle Jou said the business begins its next phase from a position of strength and independence, as the oil major plans strategy details in December.
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Energy company BP sold its 65 percent stake in Castrol to U.S.-based private equity firm Stonepeak for $6 billion.
·Istanbul, Türkiye
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BP completes £4.4bn Castrol sale as oil major steps up debt reduction drive - London Business News
BP has completed the sale of a majority stake in Castrol, securing a $6bn (£4.4bn) cash injection as the oil major intensifies efforts to reduce debt and reshape its business… The post BP completes £4.4bn Castrol sale as oil major steps up debt reduction drive appeared first on London Business News
Evening Standard+2 Reposted by 2 other sources
BP nets £4.4bn boost for balance sheet after Castrol deal completes
The oil group said it would use the net proceeds to bolster pay down debts.
·London, United Kingdom
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Total News Sources25
Leaning Left3Leaning Right3Center6Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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