BP to sell Castrol stake to US investor Stonepeak for $10 billion

LONDON, December 24, 2025 – BP has agreed to sell a 65% stake in Castrol, its global lubricants business, to US investor Stonepeak for an enterprise value of USD 10 billion, marking one of the world’s largest downstream transactions this year, the company said on Wednesday.

The transaction is expected to generate around USD 6 billion in net proceeds for BP including accelerated dividend payments, with the seller retaining a 35% stake in a new joint venture to preserve exposure to Castrol’s growth while reducing net debt.

“Today’s announcement is a very good outcome for all stakeholders. We concluded a thorough strategic review of Castrol, that generated extensive interest and resulted in the sale of a majority interest to Stonepeak,” BP interim CEO Carol Howle said.

The deal values Castrol at USD 10.1 billion on an enterprise basis and is expected to complete by the end of 2026 subject to regulatory approvals, forming part of BP’s USD 20-billion divestment programme.

Castrol is a global lubricants brand supplying automotive, industrial and marine markets, with operations spanning more than 100 countries and a portfolio covering passenger vehicles, commercial transport and industrial applications.

Stonepeak is a US-based alternative investment firm focused on infrastructure and real assets, with a global energy portfolio spanning midstream, power, renewables and energy transition investments.

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