Saudi Aramco is in the early stages of considering a potential bid for BP's lubricant business Castrol, according to a person with knowledge of the matter. BP has been exploring all options around its Castrol business,

Shares of lubes maker Castrol India, a unit of BP, surged more than 13 per cent on the bourses on Thursday amid reports that Saudi Arabia's state-owned oil giant Aramco is considering taking ownership of BP's lubricant brand.

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.

Castrol India stock skyrocketed over 13% on news of Aramco's potential acquisition of BP's lubricant division, which operates under the Castrol brand. The move could see Castrol assets combined with Aramco's Valvoline lubricants unit.

SAUDI Aramco is considering a potential offer for lubricant assets being sold by BP, as the Middle Eastern company pushes for acquisitions that deepen its reach in oil consuming countries, according to people with knowledge of the matter.

Castrol India shares are in focus on February 27 as oil major BP said it is looking at strategic review of its global lubricants business. "BP is carrying out a strategic review of its Castrol business with the intention of accelerating Castrol’s next phase of value delivery," said the oil major on February 26.

According to reports, Saudi Aramco is considering to buy BP's lubricant division, which operates under the Castrol brand

Saudi Aramco, the world’s largest energy company, is evaluating the possibility of acquiring part or all of BP’s lubricant business, which operates under the Castrol brand, Bloomberg reported.