BP Agrees $6 Billion Castrol Stake Sale to Stonepeak

02:24 AM EST, 12/24/2025 (MT Newswires) -- BP (BP.L) said Wednesday it agreed to sell a 65% stake in its Castrol unit to US alternative investment firm Stonepeak for net proceeds of $6 billion. The British oil giant will retain a 35% stake in Castrol, which will operate under a new joint venture with Stonepeak. BP will also retain an option to sell the remaining stake after a two-year lock-up period. The company intends to use the sale proceeds to reduce net debt. Completion is expected by the end of 2026, conditional on regulatory approvals.