What happened: BP has sold a majority 65% stake in its motor lubricant business Castrol to US investment firm Stonepeak for $6 billion. The deal transfers control of Castrol to Stonepeak while BP retains a minority share.
Why it matters:
- BP is reshaping its business by divesting part of its lubricant division.
- Stonepeak gains significant influence in the global motor oil market.
MNN Take: This transaction reflects BP's strategy to focus on core energy operations while Stonepeak invests in a well-established lubricant brand.
Sources: BBC News (Breaking)