11/11/2026 by Jay Hatton
UK-based BP has completed the sale of a majority stake in the Castrol business to US-based investment firm Stonepeak.
While BP focuses on upstream energy production, the Castrol business is aimed at derived downstream products. This includes industrial consumables like lubricant, grease, metalworking and coolant products. The company has also more recently moved into the area of liquid cooling solutions for data centres. This has become increasingly relevant with the advent of artificial intelligence (AI) systems that generate ever greater heat.
The deal leaves Stonepeak holding a 65% stake in the company. BP retains the remaining 35%, but it has the option of selling this after two years. As an independent company, Castrol will now have its own strategic priorities and management. BP says it received $6 billion after tax for the stake, and it will use this to strengthen its financial position.
The chief executive officer of BP, Meg O’Neill, said the deal was part of efforts to simplify and strengthen the company and deliver greater value, adding:
“This deal brings meaningful cash proceeds to BP today while retaining a valuable stake in Castrol’s future growth. Castrol’s deep expertise and innovation span everything from advanced mobility solutions to data centre cooling. It will now have greater independence to accelerate its next phase of delivery.”
The CEO of Castrol, Michelle Jou, said Castrol was starting a new chapter from a strong position, thanks to robust customer relations and trusted brands. She expressed excitement at working with Stonepeak to maximise the business’ potential.
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