BP Plc sells 65% of Castrol division to Stonepeak Partners for $6 billion, part of a strategy to cut debt. New Chairman Albert Manifold overseeing asset sales and portfolio review. Shares rose 1.4% after the announcement. Proceeds from sales now at $11 billion, but short of the $20 billion target by 2027.

Castrol business includes auto and industrial lubricants, liquid cooling for AI data centers. BP retains 35% interest in Castrol. Deal values Castrol at $10.1 billion with debt, $8 billion in total equity value. Proceeds will go toward reducing BP’s $26 billion net debt. Transaction expected to complete by end of next year.

Read more at Yahoo Finance: BP to Sell Majority Stake in Castrol Business for $6 Billion