Dec. 24 (UPI) -- BP is selling its majority stake in Castrol to U.S. investment company Stonepeak in an effort to pay down its debt.
The company is selling its $10 billion, 65% ownership in the lubricants business to the investment firm. It will keep a 35% stake in the business through a joint venture.
The deal is expected to close at the end of 2026, the company said.
BP will use the $6 billion in proceeds to pay down some of its $26 billion in debt, the company said.
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