BP has agreed to sell a 65% stake in its motor oil division, Castrol, to Stonepeak, a US investment firm, for $6 billion. The deal values Castrol, known for its lubricants used in cars, motorcycles, and industrial vehicles, at $10.1 billion. BP will receive the $6 billion in cash, which it intends to use to reduce debt and refocus on its core business operations.
The sale represents a significant step in BP's ongoing restructuring efforts. In February, BP announced plans to divest $20 billion in assets to streamline its operations and bolster its balance sheet. With this deal, the company has now achieved over half of its targeted asset sales. BP will retain a 35% stake in Castrol, a brand it initially acquired in 2000.
This strategic move reflects a broader shift within BP, which is renewing its focus on oil and gas exploration and production. This adjustment comes after facing pressure from investors who expressed concerns about the company's profitability and share price performance compared to its competitors, including Shell and Norw. The company had previously been investing in green energy initiatives.
Castrol's sale signifies a recalibration of BP's investment priorities. The company aims to concentrate on its core competencies in the oil and gas sector, while also addressing shareholder concerns regarding financial performance. The deal is expected to close in the near future, subject to regulatory approvals and customary closing conditions.
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