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BP has sold a 65% stake in its motor oil division Castrol to US investment firm Stonepeak for $6 billion, marking a significant step in its strategy to focus on core oil and gas operations. The deal values Castrol at $10.1 billion, and BP intends to use the proceeds to reduce debt. BP retains a 35% stake in Castrol, which it has owned since 2000.
A green Ford racing car with a Castrol sponsorship logo on the bonnet
Credit: Co
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