Aramco mulls bid for BP’s Castrol lubricant assets: Report

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Saudi Arabian Oil Co. (Saudi Aramco) is considering a potential bid to acquire BP’s lubricants assets, including those operating under the Castrol brand, Bloomberg reported, citing sources.

Discussions are still in the early stages, with Aramco evaluating whether to make an offer for part or all of the Castrol-branded business, the report said.

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No final decision has been made on the structure of a potential bid, it added.

Bloomberg also noted that BP is currently reviewing its strategy for Castrol’s lubricants business, which could be valued at up to $10 billion.