BP secures a £4.4bn cash boost to cut its debts as the Castrol sale to Stonepeak completes

The deal closes one of the oil giant's most significant asset disposals in recent years, reducing its exposure to the lubricants market.

Former Shell chief executive Ben van Beurden is to chair Castrol following the deal's completion.

The proceeds represent a substantial dent in BP's £10.2bn debt, which has weighed on the company amid pressure from shareholders to strengthen its balance sheet.