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BP (LON:BP) Plc (LSE:NYSE:BP) remains confident in reaching its $20 billion disposal target with several deals expected to be announced "relatively soon," according to the company’s CEO Murray Auchincloss during a virtual call hosted by RBC.

The oil major’s asset sales program is running slightly above its annual average rate, with a near-term focus on infrastructure assets where BP sees significant interest.

Processes are ongoing for the Gelsenkirchen refinery, while the Lightsource divestment is set to launch imminently and the TANAP pipeline sale is expected to close in the second quarter.

The closely watched Castrol lubricants business, which generates approximately $1 billion in adjusted EBITDA (or $1.3 billion excluding corporate costs), continues through its sale process.

With reported price estimates between $8-10 billion according to Reuters, BP remains confident in executing the transaction.

On capital expenditure planning, BP’s 2025 guidance stands at $14.5 billion, with $13.8 billion being organic spending.

The CEO noted flexibility exists in several areas including approximately $500 million in exploration, about $1 billion in unsanctioned major projects, and adjustments possible in the U.S. onshore business where current spending is around $2.4 billion annually.

Regarding market conditions, BP indicated that refining margins may remain strong as the industry faces a particularly heavy global maintenance season this year.

Low inventories, increased turnarounds, and potential OPEC+ production additions that could pressure crude prices all create favorable conditions for refiners globally, according to RBC’s assessment.

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Early Monsoon Slashes Asia’s LNG Appetite. With the monsoon season arriving in most parts of India, Thailand, and southern China two weeks ahead of its normal date of onset, lowering temperatures across the region, lowering LNG demand, and prompting India’s GAIL to resell 2 cargoes.

Germany Locks In Azeri Gas. Germany’s SEFE signed a 10-year pipeline supply deal with Azerbaijan’s national oil company SOCAR for 1.5 Bcm per year, starting from 2026, the company’s first pipe deal since Berlin nationalized Gazprom’s German subsidiary.

Platinum Prices Soar on Tight Supply. Spot platinum prices rose for the sixth straight session on Monday, reaching their highest level since May 2021 at $1,200 per ounce after a stellar 33% bull run this year to date, amidst fears of tight supply as 2025 is expected to record a 1 million ounce deficit.

Japan Imports First Russian Oil in Three Years. Japanese refiner has purchased a cargo of Russia’s Sakhalin Blend, the East Asian country’s first imports of Russian oil since the beginning of 2023, with the US exempting imports from the Sakhalin 2 until June 28 as Mitsui holds a 12.5% stake in it.

UK Doubles Down on New Nuclear. The government of the United Kingdom vowed to invest $19.3 billion to build the Sizewell C nuclear plant in southeast England, the second new nuclear unit to be built in two decades, with EDF’s Hinkley Point launching in 2029.

Nigeria to Get Giant Saudi Oil-Backed Loan. Saudi national oil firm Saudi Aramco (TADAWUL:2222) is in the final stage of extending a $5 billion oil-backed loan for Nigeria, although lower outright oil prices sparked price risk concerns amongst underwriters.

Markets have responded positively to US-China talks in London, expecting a recovery in rare earth metal flows and global trade barriers. ICE Brent has been surprisingly stable above $67 per barrel this week so far, still buoyed by macro tailwinds following last week’s positive US jobs report that set up the Fed for an interest rate cut soon.

EU Unveils Yet Another Sanctions Pack Against Russia. The European Union proposed new sanctions on Russia’s Nord Stream pipeline, a lower oil price cap that would see a drop from $60 per barrel to $45 per barrel, as well as additional bans on 22 Russian banks in its 18th sanctions package.

China Offers Rare Earths Olive Branch to EU. China’s Commerce Ministry said it is willing to accelerate the approval of rare earth exports to EU companies, just as trade talks between Beijing and Brussels on Europe’s treatment of Chinese EV cars have entered their final stage.

US Bans Exports of Nuclear Components to China. The US Department of Commerce reportedly informed nuclear equipment suppliers that their contracted sales to China’s power plants would now be subject to government restrictions, impacting companies like Emerson and Westinghouse.

Chinese Oil Imports Dip on Turnarounds. China’s crude oil imports declined to 10.97 million b/d in May, a 3% month-on-month drop compared to April and yet another year-on-year decrease, as seasonal maintenance works, restricted Iranian imports, and high Saudi formula prices cut demand.

The Fight Is on for Namibia Oil. Defying recent write-downs from Shell’s Graff discovery, French oil major TotalEnergies (NYSE:TTE) is reportedly poised to outbid rivals such as Petrobras for a huge stake in Namibia’s Mopane discovery as Portugal’s Galp (ELI:GALP) is seeking a farm-in.

Solar Firms Start to Fall Like Dominoes. The US renewable energy industry is bracing for impact after residential solar company Sunnova Energy filed for bankruptcy Monday, fresh on the heels of a Chapter 11 filing of rooftop solar lender Solar Mosaic, amidst fears that there will be more to come.

A Very Good Morning Jakers

Onwards and Upwards 🌞🌞🌞🌞

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Good morning all

https://www.livecharts.co.uk/MarketCharts/brent.php

A good read

https://www.ainvest.com/news/bp-castrol-sale-10-billion-crossroads-energy-investors-2505/

Please can someone post full article

Thankyou

Times

Zuber Issa plots shock swoop for $10bn Castrol oils

British tycoon is exploring plans to lead a consortium to buy the BP-owned brand, pitting him against buyout giants, multinational conglomerates — and

Bidders for BP's Castrol Consider Making Offers Below $8 Billion, FT Says, Citing Sources

Provided by Dow Jones Jun 2, 2025 at 7:31:00 AM

--Potential buyers of BP's lubricants business Castrol are considering offers below $8 billion, the Financial Times reports, citing unnamed sources

--The offers might rise but BP needs to sell Castrol for a $12 billion enterprise value if it is to boost free cash flow, the FT reports, citing analysts.

--The sale process is being run by Goldman Sachs, with Chinese state-owned investment company Citic considering a bid, alongside Apollo, Lone Star, Aramco, EG Group's Zuber Issa, and Reliance Industries, according to the report.

--BP, Apollo, Lone Star, Aramco and Issa declined to comment, while Citic and Reliance

Https://money.usnews.com/investing/news/articles/2025-06-02/azeri-socar-to-sign-agreements-with-exxon-mobil-bp-soon-three-sources-tell-reuters