The move that could help the oil major edge closer to its $20 billion divestment goal.
BP is in negotiations to sell its Castrol lubricants business to investment firm Stonepeak, a move that could help the oil major edge closer to its $20 billion divestment goal, according to a Reuters.
The potential sale marks a significant shift for BP, which placed the century-old Castrol unit under review earlier this year as it pivots away from earlier renewable-energy ambitions and seeks to simplify its portfolio.
Analysts at RBC have estimated that Castrol could fetch around $8 billion, though some investors question whether a deal of that size can be completed quickly in a tight market.
BP has been under growing investor pressure, including from activist hedge fund Elliott, to improve returns and sharpen its strategic focus.
