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Oil giant BP to sell 65% stake in $10 billion Castrol unit
CNBCยท 2025-12-24 07:47
Group 1 - BP has agreed to sell a 65% shareholding in its lubricants business Castrol for $6 billion, valuing the unit at $10.1 billion [1][2] - The sale is part of BP's strategic reset, which includes a green strategy U-turn and a plan to divest $20 billion of assets by the end of 2027 [1][2] - Interim CEO Carol Howle stated that this sale contributes to over half of the targeted $20 billion divestment program, significantly strengthening BP's balance sheet [2] Group 2 - The sale is seen as a milestone in BP's reset strategy, aimed at reducing complexity and focusing on leading integrated businesses [3]