Castrol India Share Price Rises As Saudi Aramco Looks To Pick Up Stake
Castrol India Ltd.’s share price surged over 13% as Saudi Aramco is reportedly considering a potential offer for lubricant assets being sold by BP Plc.
Saudi Aramco, the world’s largest energy company, is exploring the possibility of bidding for part or all of BP’s lubricant business, which operates under the Castrol brand name, Bloomberg reported.
This move is part of Aramco’s strategy to expand its presence in oil-consuming countries. If successful, Aramco could integrate the Castrol assets with its Valvoline lubricants unit, which it acquired for $2.65 billion in 2023.
BP is undergoing a major corporate restructuring and has initiated a strategic review of its Castrol lubricants business. According to Bloomberg, this business…
