BP agrees deal to sell £7.4bn stake in Castrol to US investment firm

Stonepeak will acquire 65% of lubricants business as part of wider plans for the oil company to pay down its debtBusiness live – latest updatesBP has agreed to sell a majority stake in its $10bn (£7.4bn) lubricants business Castrol to the US investment firm 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, which will see BP 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. Continue reading...