BP is nearing a sale of a majority stake in Castrol to investment ‍firm Stonepeak in ‍a deal that values the oil major's lubricants unit at $10 billion, including ​debt, the Wall Street Journal reported on Tuesday.

London-listed BP is set to sell ⁠a 65% stake in its Castrol unit to Stonepeak for about $6 billion, the report ⁠said, citing people ‌familiar with the matter.

The Financial Times, citing sources, also reported the details and added that BP would retain a minority stake ⁠through a joint venture, valuing the century-old lubricants and engine oils business at close to $10 billion.

Reuters could not immediately verify the reports, and BP and Stonepeak did not immediately respond to requests for comment.

Reuters reported in November ⁠that BP was in talks ​with Stonepeak over selling Castrol, as the energy major seeks to shed about $20 billion in assets by ‍2027. The plan includes divesting its lubricants business to reduce debt and cut costs.

The Castrol sale ​is the centerpiece of BP's asset-disposal strategy to reduce its debt burden.

Castrol's sale process began earlier this year after BP said in February it had put the lubricants business under review as part of a broader strategy shift away from renewable energy. In September, Stonepeak and private equity firm One Rock submitted bids for the unit.

The oil giant last week appointed Woodside Energy's Meg O'Neill as its next CEO, taking over from Murray Auchincloss, as it strives to improve its ⁠profitability and share performance, which for years has lagged ‌behind competitors such as Exxon.

In August, BP launched a review of how best to develop and monetise its oil and gas production assets after chairperson Albert ‌Manifold took up ⁠his post and called for a deeper reshaping of the company's portfolio to increase ⁠profitability.

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi Aich)