09:56 AM EDT, 06/02/2025 (MT Newswires) -- BP's (BP) Castrol lubricants business has drawn early interest from potential bidders, but some are mulling offers less than the targeted valuation of over $8 billion, the Financial Times reported Sunday, citing unnamed sources familiar with the matter.

Sources told the FT that interested parties include certain private equity firms, Saudi Aramco, China's Citic and Zuber Issa, an entrepreneur from the UK. The process remains at an early stage and higher bids could still be offered, the sources added.

BP placed its Castrol up for sale in February and plans to use the proceeds to reduce its net debt, according to the report.

A representative for BP decline to comment on the "speculation," but said "the strategic review of Castrol is proceeding well."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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