Deal

BP sells majority stake in Castrol to investment company Stonepeak

BP verkoopt groot deel van Castrol voor 6 miljard dollar. Foto: Shutterstock

BP has reached an agreement to sell 65 per cent of Castrol to investment company Stonepeak for around $6 billion. The transaction values BP’s lubricants division at $10.1 billion.

With this sale, BP will retain a 35 per cent stake in Castrol through a newly formed joint venture and will thus remain involved in the further development of the brand, the company reported in a press release. Stonepeak will own the remaining 65 per cent. BP may sell the remaining stake after a two-year lock-in period.

The sale fits within BP’s $20 billion divestment programme. The proceeds, including $800 million in early dividend payments, will be used in full to reduce net debt to $14 billion to $18 billion by the end of 2027. At the end of the third quarter of 2025, that debt stood at $26.1 billion.

The Castrol sale is part of a broader change in direction, with BP refocusing on oil and gas. Last week, Meg O’Neill was appointed new ceo. She succeeds Murray Auchincloss and will be tasked with improving profitability and reducing costs. The sale of around 300 petrol stations in the Netherlands to Catom also fits within the divestment programme.

Also read:

This article was automatically translated from the Dutch language original to English (British).

Author: Nina Koelewijn

Source: MobilityEnergy.com

E-mail

Related posts

AH to go unchanged Following acquisition of retail operations BP by Catom: filling station in Tilburg first to open as OK

After a two-week refurbishment, filling station ‘t Hazennest on the N261 in Tilburg opened this week in the look and feel of OK. The former BP is the first in the Netherlands of over two hundred BP stations to be revamped to OK following its acquisition by Catom.
'Goodbye with regret' Gulf stops from 1 July in the Netherlands, last 18 filling stations switch to other formula

Gulf will disappear as a petrol station brand from the Netherlands from 1 July 2026. The current 18 petrol stations in our country that currently still have Gulf on the awning will continue under a different formula name. This will probably be TinQ, but operators can also opt for another formula.
flagship family Gulf petrol station Jemie in Putten becomes unmanned TinQ after 48 years: ‘There are more and more rules’

The Gulf gas station owned by the Miedema family on the Garderenseweg in Putten will continue as an unmanned TinQ after 48 years. Changing market conditions and the lack of succession are reasons for the owners to discontinue services at the location.
appeal procedure started Local residents want to know what is allowed and what is not at Shell petrol station in Arnhem

Local residents of Shell Bakenbergseweg in Arnhem are at odds with the municipality over what is lawfully allowed at the petrol station and what is not. To get an answer to this question, an appeal procedure is under way in court.