BP Sells $10 Billion Castrol Stake in Major Debt Push

UK oil giant BP has agreed to sell a majority stake in its Castrol lubricants business. The deal is valued at up to $10 billion. This sale is a key part of BP's plan to reduce its debt. The company aims to raise $3 billion by the end of 2025 through asset sales. The move comes under the leadership of new Chairman Albert Manifold. He is accelerating BP's strategy to sell non-core assets. The funds will strengthen BP's financial position as it invests in shifting towards cleaner energy. BP will retain a minority stake in Castrol. This allows the company to benefit from the lubricant brand's future growth while receiving a large cash payment now.