<div class=newsTextDataWrapInner><p>(Nov 2): Former Shell CEO Ben van Beurden will chair Castrol's board after Stonepeak completed its acquisition of a 65% stake in the lubricants maker from BP on Monday, the US private equity firm said.</p></div>

<div class=newsTextDataWrapInner><p>BP agreed the stake sale last year and will retain a 35% stake in a new joint venture with Stonepeak. The oil major separately confirmed on Monday that it would use US$6 billion (RM24.4 billion) in after-tax proceeds to trim debt and bolster its finances.</p></div>

<div class=newsTextDataWrapInner><p>"This deal brings meaningful cash proceeds to bp today while retaining a valuable stake in Castrol’s future growth," BP chief executive Meg O'Neill said in a statement.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>BP's net debt has fallen to US$13.9 billion, allowing it to reach its net debt target a year ahead of schedule, it said last week.</p></div>

<div class=newsTextDataWrapInner><p>Stonepeak said in conjunction with the closing, Castrol has appointed a new board chaired by van Beurden, the former CEO of Shell and current chairman of Clariant AG.</p></div>

<div class=newsTextDataWrapInner><p>The board will include four independent directors including the chair, three directors affiliated with Stonepeak, two directors from BP and one director from CPP Investments, which is also investing as an indirect minority holder.</p></div>

<div class=newsTextDataWrapInner><p><em>Uploaded by Magessan Varatharaja</em></p></div>


Former Shell CEO Ben van Beurden will chair Castrol's board after Stonepeak completed its acquisition of a 65% stake in the lubricants maker from BP on Monday, the US private equity firm said.

Ex-Shell CEO van Beurden to chair Castrol as Stonepeak closes deal with BP

Oil fell nearly 4% on Monday as talks between Iranian and Qatari officials on a deal to end the US-Israeli war on Iran raised hopes that Middle East supply disruptions could ease.

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<p><span style="color:#c0392b;"><strong>Summary</strong></span></p>

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<p><span style="color:#c0392b;"><strong>Summary</strong></span></p>

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