Britain’s BP has agreed to sell a 65% shareholding in lubricants business Castrol to Stonepeak for $6 billion, months on from the oil giant seeking a buyer for the unit.
The deal comes as the company looks to launch a strategic reset, including a green strategy U-turn and the divestment of $20 billion of assets by the end of 2027. The sale values Castrol at $10.1 billion.
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Britain’s BP has agreed to sell a 65% shareholding in lubricants business Castrol to Stonepeak for $6 billion, months on from the oil giant seeking a buyer for the unit.
The deal comes as the company looks to launch a strategic reset, including a green strategy U-turn and the divestment of $20 billion of assets by the end of 2027. The sale values Castrol at $10.1 billion.
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