BP has struck a $6bn (£4.4bn) deal to sell a majority stake in its motor oil division Castrol to a US investment firm.
The oil giant sold a 65% stake in Castrol, which makes lubricants for cars, motorcycles and industrial vehicles, to New York-based Stonepeak.
The deal valued Castrol at $10.1bn (£7.5bn), with BP receiving $6bn in cash, which it will use to pay down debts and allow it to focus on its core business.
BP will hold onto a 35% stake in Castrol, which it first took control of in 2000.
The London-based oil major said the sale is a "milestone" in its plans to overhaul its business and strip out costs.
