BP shares rise on Castrol stake sale

Shares of British oil major BP BP.L up 1.3% at 433p; stock second-biggest gainer on FTSE 100 index .FTSE, which is down 0.02%

BP agrees to sell a 65% stake in Castrol to investment firm Stonepeak

Co says net proceeds of about $6 bln to be fully utilised to reduce net debt

Deal creates a new joint venture, with Stonepeak holding 65% and BP retaining 35%

Canada Pension Plan Investment Board to invest up to $1.05 bln, giving it an indirect stake in Castrol

As of last close, BP up 8.8%