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Bond Market News
BP In Talks with Stonepeak to Sell Castrol Unit
November 13, 2025
British Petroleum (BP) is in negotiations with investment firm Stonepeak over the sale of its Castrol lubricants unit, as per reports. This is said to be a major step in meeting its $20bn divestment goal. Stonepeak is a large investor in energy, digital infrastructure, and transport and logistics, and has ~$80bn of AUM. The sale process for Castrol began earlier this year after BP put the business unit under review as part of its broader shift away from renewable energy. In September, both Stonepeak and PE-firm One Rock submitted bids for Castrol, reports suggested. Initial estimates in February, valued the sale at around $10bn. However, recently RBC analysts said that they estimate the Castrol sale to be valued at about $8bn.
BP’s dollar bonds trade stable with its 5.227% 2034s at 103.73, yielding 4.7%.
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