BP Divesting Castrol Stake

27 days ago

Kit Reese

"So, it's been a busy few weeks of news flow for BP, the um the oil major. So, it's agreed to sell a majority stake in its Castrol business to Stone Peak Partners. So, this is part of its plans um to divest some of the assets from its portfolio. So, it will raise about 6 billion for a 65% stake in the group. and it looks like the deal is set to complete at the end of next year."

BP is restructuring by selling a majority stake in its Castrol business to raise approximately $6 billion. The divestiture, part of a strategic pivot back to fossil fuels after an unsuccessful renewable venture, is expected to complete at the end of next year. Investors are watching to see how the new CEO will steer the company moving forward.

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