BP to Sell Majority Stake in Castrol Amid Leadership Change as Precious Metals Hit Record Highs
BP has announced the sale of a 65% stake in its subsidiary Castrol to Stonepeak for $6 billion, valuing Castrol at $10.1 billion including debt. This transaction is part of BP's broader strategy to divest approximately $20 billion in assets, with over half of this divestment plan now completed or formally announced.
In conjunction with this sale, BP is experiencing significant leadership changes. Murray Auchincloss has been ousted as CEO, with Meg O’Neill appointed as the new chief executive. In the interim, Carol Howle is serving as acting CEO.
Meanwhile, precious metals markets are seeing remarkable gains. Gold prices have risen above $4,500 per ounce, peaking at $4,525, marking gains of over 70% for 2025—the best since 1979—and gold has increased 11 out of the last 12 trading days. Silver and platinum have also reached record highs, with silver at $72.16 per ounce and platinum at $2,333.80 per ounce.
Analysts attribute these historic highs to several factors including heavy global debt and deficits, loose monetary policies, low real yields, geopolitical risks, and rising demand. They also expect further US interest rate cuts in 2026 along with a weakening dollar.
Despite today traditionally marking the start of the Santa Rally, FTSE futures are down about 0.07%. London markets will close early for the Christmas holiday, and US weekly jobless claims data is expected later in the day.
