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Bond Market News
BP Agrees to Sell 65% Castrol Business Stake for $6bn
December 26, 2025
British Petroleum (BP) agreed to sell a 65% stake in its Castrol lubricants business to US infrastructure investor Stonepeak for about $6bn. The transaction follows months of talks after BP launched a formal sale process for Castrol earlier this year as part of a wider portfolio review. All proceeds will go toward debt reduction, with BP’s net debt standing at just over $26bn at the end of the third quarter. Following the sale, BP’s progress on its current asset sale program would stand at about $11bn. BP will retain a 35% stake in Castrol through a joint venture structure, giving it continued exposure to growth in automotive and industrial lubricants as well as emerging liquid cooling solutions for data centers, while keeping the option to sell down further after a two year lock up.
BP’s dollar bonds trade stable with its 5.227% 2034s at 103.47, yielding 4.72%.
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