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BP raises $6bn for debt repayment
BP has completed the sale of a 65% stake in its Castrol lubricants business to Stonepeak Partners, receiving $6 billion to reduce its debt and strengthen its balance sheet. The company’s net debt stood at $13.87 billion at the end of the third quarter. CEO Meg O’Neill said the deal provides liquidity while allowing BP to retain a stake in Castrol’s future growth. The company plans to focus its investments on exploration and production, refining and marketing, with O’Neill set to present its long-term strategy in December.
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