Traditional energy giant's "letting go": British Petroleum (BP) sells 65% of century-old brand Castrol for $6 billion.

According to the Wisdom Financial APP, European traditional energy giant BP has agreed to sell the majority of its stake in its Castrol lubricants business to the well-known American investment company Stonepeak Partners. It is expected that this sale will raise about $6 billion. Castrol, a century-old lubricant brand under BP, plays an important role in the automotive and industrial sectors and holds a significant position in the global energy industry value chain. BP's divestment of the majority stake in Castrol signifies that the energy giant is essentially giving up this century-old lubricant business in order to raise more cash to reduce debt and turnaround years of poor performance.