BP Nears Sale of Castrol Stake to Stonepeak, WSJ Reports

BP Plc is near an agreement to sell a majority stake in its Castrol unit to investment firm Stonepeak Partners, the Wall Street Journal reported, citing people familiar with the matter.

Under the deal, BP would get about $6 billion for a 65% stake in the lubricants business, the WSJ said. The London-listed oil major had planned to divest $20 billion of assets by the end of 2027 to improve the balance sheet, former Chief Executive Officer Murray Auchincloss said in an interview on Bloomberg TV last month.