Saudi Aramco is considering a potential bid for all or part of BP’s Castrol lubricants business, Bloomberg News reported, citing unidentified sources.

BP said last week it was carrying out a strategic review of its Castrol business. It said proceeds from any potential transaction would be allocated to strengthening BP’s balance sheet.

Saudi Aramco completed the purchase of Valvoline’s global products business in March 2023 for $2.65 billion.

That acquisition speeded up the expansion of its lubricants business and complemented its extensive global base oils production capacity.