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BP banks £4.4bn cash boost as Castrol sale to Stonepeak completes

BP banks £4.4bn cash boost as Castrol sale to Stonepeak completes

BP has completed the £4.4bn sale of a 65% stake in Castrol to New York investment firm Stonepeak, with the cash earmarked to chip away at the oil giant's £10.2bn debt pile. Stonepeak will run Castrol as a joint venture, with BP retaining the remaining 35% share. CEO Meg O'Neill is set to unveil her long-awaited group strategy in December.

Stonepeak has appointed former Shell chief executive Ben van Beurden as Castrol's new board chairman.

Castrol, headquartered in the UK, employs more than 6,000 staff and supplies lubricants to motorists, commercial fleets and industrial sectors including manufacturing.

O'Neill called the deal 'meaningful cash proceeds today while retaining a valuable stake in Castrol's future growth.'

MoreThe IndependentBP secures £4.4 billion cash injection after selling majority stake in lubricant business CastrolAOL News UKBP £4.4bn boost as it completes Castrol sale to StonepeakReutersEx-Shell CEO van Beurden to chair Castrol as Stonepeak closes deal with BP - ReutersThe Business JournalsBP sells $6 billion stake in Castrol to Stonepeak; former Shell CEO named chair of new company - The Business JournalsEnergy IntelligenceStonepeak Names Ex-Shell CEO Van Beurden as Castrol Chair - Energy IntelligenceEvening StandardBP nets £4.4bn boost for balance sheet after Castrol deal completes
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