Oil major BP is considering a potential sale of its lubricants business, Castrol, which could be worth about $10 billion in a deal, Bloomberg News reported on Tuesday, citing people familiar with the matter.

BP (bp) is contemplating the sale of its Castrol lubricants business, a move that could value the unit at approximately $10bn, reported Bloomberg. The potential divestment comes as the oil giant seeks to regain investor trust after a period of underperformance.

BP Plc (BP) stock garnered retail attention on Tuesday after Bloomberg News reported that the company is considering selling its lubricants business. Shares were up marginally in after-hours trading.

BP PLC (BP) is reportedly considering selling its lubricants division, Castrol, amid growing pressure from activist investor Elliott Management

BP Plc, in which activist investor Elliott Investment Management has built up a nearly 5% stake, is considering a potential sale of its lubricants business, according to people familiar with the matter.

Boss Murray Auchincloss (pictured) will next week present his plan to investors having promised a 'new direction' for the company.