BP to sell majority stake in $10bn Castrol business to US investment firm

Stonepeak will acquire 65% of lubricants business as part of wider plans for the oil company to pay down its debt

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BP has agreed to sell a majority stake in its $10bn (7.4bn) lubricants business Castrol to the US investment company Stonepeak, as the new chair, Albert Manifold, rapidly reshapes the under-pressure oil and gas company.

Stonepeak will acquire a 65% stake in Castrol, in a deal that values the division at $10.1bn including its debt. The deal, in which BP will retain a 35% stake in the business through a joint venture, is expected to close at the end of next year, the company said on Wednesday.