BP is selling two car oil brands

The management of BP, one of the leaders in the oil and gas extraction industry, has decided to sell two engine oil brands it owns. The British corporation is looking for buyers for the Veedol and Duckhams brands. Both brands first appeared on the market back in the late 19th and early 20th centuries.

BP representatives reported that applications to acquire the brands will be accepted until 12 March 2011. Closing the deal and signing the relevant agreements is planned for the end of the current year. The result of the deal will be that the buyer gains exclusive rights to several trademarks registered under the Veedol and Duckhams brands.

Commenting on the decision, company representatives noted that BP has decided to focus on promoting just one brand — Castrol.

Recall that BP started selling off part of its assets following a disappointing 2010 financial report, according to which the British oil and gas company's losses came to 3.719 billion dollars. By comparison, BP closed out 2009 with a profit of 26.42 billion dollars.

Experts link the company's economic downturn to the major accident on the Deepwater Horizon platform, which took place in the Gulf of Mexico on 20 April 2010.