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Saudi Aramco Considers Buying Valvoline’s Petroleum Unit

  • State-owned firm looking at Valvoline’s global products unit
  • Valvoline said last year that the firm was splitting
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Oil Market Is Balanced, Aramco CEO Says

Saudi Aramco is considering buying a unit of Valvoline Inc. that sells lubricants and other automotive products as the state-owned oil giant seeks to expand globally, people familiar with the matter said. 

Aramco made an approach to Valvoline to buy its global products business, the people said, asking not to be identified as the matter is private. Talks are ongoing and there is no guarantee that the two parties can reach an agreement, the people said.