BP Completes Sale of 65% Castrol Stake to Stonepeak
BP has completed the sale of a 65% stake in Castrol to U.S. investment firm Stonepeak, receiving approximately US$6 billion in after-tax proceeds. The transaction, announced in December 2025, valued Castrol at an enterprise value of US$10.1 billion. BP will retain a 35% interest in the lubricants business, which will operate as a standalone company with its own management and governance. BP said it would use the proceeds to reduce its financial obligations and strengthen its balance sheet. The US$6 billion includes approximately US$800 million from the advance payment of expected dividends on its retained stake, alongside transaction adjustments.
Stonepeak has appointed a new Castrol board chaired by Ben van Beurden, former chief executive of Shell and current chairman of Clariant. The board includes four independent directors, three Stonepeak representatives, two BP representatives and one director from Canada Pension Plan Investment Board, which is participating as an indirect minority investor. Castrol CEO Michelle Jou will continue to lead the business. Castrol has operations in more than 150 countries and employs more than 6,000 people.
Infineum Opens New Office in Mumbai
Infineum has opened a new office in Andheri East, Mumbai, expanding its presence in India alongside a blending facility commissioned earlier this year in Patalganga, operated exclusively for the additives supplier. The company said the investments would strengthen its ability to work with lubricant manufacturers, automotive original equipment manufacturers and industrial customers as demand for higher-performance products grows.
India is expected to record annual lubricant demand growth of more than 3% over the next decade, according to Infineum. The company described the country as a key market for its Asia-Pacific business. Infineum India General Manager Harshad Jambaulikar said the Mumbai office and Patalganga facility would improve customer support and local service capabilities. Infineum has worked in India for more than a decade, supporting the introduction of API FA-4 and ACEA E8 lubricant standards and the transition to Bharat Stage VI vehicle emissions requirements
GE Aerospace Qualifies Nyco Turbine Oil For GEnx-1B Engines
GE Aerospace has qualified French lubricant producer NYCO’s TURBONYCOIL 600 synthetic turbine oil for use in its GEnx-1B engines, which power Boeing 787 Dreamliner aircraft. The approval follows more than 36 months of in-flight evaluation with Air France, covering nearly 7,000 flight hours across multiple engines. Oil analyses demonstrated thermal stability and the performance of the lubricant’s antioxidant and anti-wear additive package.
Subsequent engine teardowns and inspections confirmed effective wear protection of lubricated components and low levels of coke deposits. The qualification extends TURBONYCOIL 600’s existing approvals for GE’s CF6 and GE9X engines. NYCO said the approval represents an important step in expanding its civil aviation business, building on 40 years of in-service experience with the product.