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BP Completes $6 Billion Sale of 65% Stake in Castrol

Source Summary

BP has completed the sale of a 65 percent stake in its Castrol lubricants business for $6 billion. The proceeds will be used to reduce the company's debt as part of efforts to strengthen its balance sheet.

Why it matters

The transaction provides BP with substantial capital to reduce leverage and improve its financial position during a period of balance-sheet repair.

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