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Evening Standard
Evening Standard
Business
Anna Wise

BP to sell majority stake in Castrol to Stonepeak for £4bn

British Petroleum Castrol Stonepeak Meg ONeill Murray Auchincloss New York
BP has announced the sale of a majority stake in its lubricants business Castrol to Stonepeak (Peter Byrne/PA) - (PA Archive)

BP has announced the sale of a majority stake in its lubricants business to a US investment firm in a deal valuing the unit at 10.1 billion US dollars (£7.5 billion), hailing the move as a “milestone” in its plans to strip out costs.

New York-based Stonepeak has agreed to buy a 65% stake in Castrol.

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