BP's Big Move: Selling Castrol for Billions

BP, a major player in the oil industry, has made a significant decision to sell a large portion of its motor oil brand, Castrol. The buyer is a US investment company called Stonepeak, which is paying a huge sum of $6 billion for a 65% stake in Castrol. This deal values Castrol at $10. 1 billion, and BP will use the money to pay off some of its debts and focus more on its main oil and gas business. This sale is part of BP's plan to sell off assets worth $20 billion by 2027. So far, they have made good progress towards this goal. Interestingly, BP is also changing its strategy. It was once focusing on green energy, but now it's shifting back to oil and gas. This change comes after some investors were not happy with BP's lower profits compared to its rivals, like Shell and Equinor.The sale of Castrol is not the only recent change at BP. Just last week, they announced their first female CEO, Meg O'Neill, who will start in 2026. This comes after a series of leadership changes in the company. Meanwhile, BP has also been selling other parts of its business, like its US wind energy and Dutch convenience stores. The sale of Castrol has been seen as a positive move by some. Carol Howle, BP's interim CEO, said it's a good outcome for everyone involved. It helps BP focus on its main businesses and reduce complexity. Investors seem to like the news too, as BP's shares initially rose on the day of the announcement.