BP Completes Castrol Stake Sale and Shetland Pipeline as Divestment Proceeds Top $9 Billion Target
Published on 11/11/2026 at 03:21 | Editorial boerse-global.de
BP has closed the sale of a 65% majority stake in its Castrol lubricants business to Stonepeak, a transaction finalised on 2 November that nets the UK energy major $6 billion after tax. The company retains a 35% holding in Castrol. According to Reuters, the proceeds are earmarked for debt reduction and balance-sheet strengthening.
The Castrol disposal sits at the centre of a broader portfolio overhaul that has moved quickly on several fronts. On Thursday, BP sold part of its stake in Aker BP at 311 NOK per share, generating gross proceeds of roughly NOK 9.83 billion. Following the transaction, BP holds about 10.9% of the Norwegian producer. The company has also raised its full-year 2026 guidance for divestments and other income to approximately $9 billion.
That reshaping extends to Asia, where BP has exited the Indonesian fuel retail joint venture PT Aneka Petroindo Raya entirely. Its 49.9% interest went to AKR Corporindo subsidiaries PT Anugerah Krida Retailindo and PT Andahanesa Abadi for $14.22 million, leaving the AKR group as sole owner of the venture.
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Alongside the dealmaking, BP has wrapped up installation of a 1.3-kilometre gas pipeline linking the Sullom Voe Terminal to the Shetland Islands' regional gas export line, a completion announced yesterday. The link gives gas produced west of Shetland an additional route to the UK market.
Financially, BP is ahead of schedule. On 30 October the company reported third-quarter 2026 adjusted profit on a replacement cost basis of $8.46 billion, with operating cash flow of $14.8 billion. Net debt stood at $13.9 billion, and BP said it had met its targets for net debt and structural cost reduction earlier than planned.
Leadership changes are also in motion. Emma Lewis will join BP as Executive Vice President for Downstream and a member of the leadership team on 4 January 2027, arriving from Shell. Until then, Richard Harding will run the division on an interim basis.
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