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Oil giant BP to sell 65% stake in $10 billion Castrol unit
BP's $6 billion sale of a 65% stake in Castrol to Stonepeak advances its $20 billion divestment plan to reduce debt and refocus on higher-return oil and gas businesses.
- On Dec. 24, 2025, BP agreed to sell a 65% stake in Castrol to Stonepeak, valuing the business at about US$10.1 billion.
- Following a strategic review earlier this year, BP plc advances its $20 billion divestment programme amid pressure from Elliott Investment Management, activist shareholder.
- Under the terms, BP plc will retain a 35% stake in a joint venture with a two-year lock-up, while Canada Pension Plan Investment Board will invest up to US$1.05 billion including US$800-million in accelerated dividends.
- The deal will generate about US$6 billion in net proceeds, which BP plc said it will use to reduce net debt and strengthen its balance sheet.
- The sale also coincides with BP's strategic reset and portfolio simplification, as Castrol develops liquid-cooling for AI data centres and Meg O'Neill is set to become BP's next chief executive.
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BP has reached an agreement with Stonepeak for the sale of 65% of ...
·Chile
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On Wednesday, the Canada Pension Plan Investment Board (CPP Investments) announced that it had acquired a minority interest in Castrol lubricants, alongside Stonepeak investment company.
·Montreal, Canada
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Coverage Details
Total News Sources72
Leaning Left5Leaning Right9Center13Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 19%
C 48%
R 33%
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