DIVESTMENT
BP launches strategic review of Castrol lubricants business
B
ritish Petroleum (BP) has announced that it is strategically reviewing the Castrol lubricants business. In a press release by BP, the company stated, “The strategic review of Castrol will consider all options with a focus on value creation. Proceeds from any potential transaction that may arise as a result of the review will be allocated to strengthening BP’s balance sheet.”
Castrol is a leading global lubricants brand, marketing products in more than 150 countries and serving customers and consumers in the automotive, marine, industrial and energy sectors. BP acquired Castrol in 2000. Since then, Castrol has operated as a wholly owned subsidiary within BP’s downstream business. According to BP, Castrol has significant growth ambitions, including growing its core mobility businesses, expanding participation in industrial lubricants, enhancing its mobility services and diversifying into data centre fluids. .