The Duckhams and Veedol lubricant brands are for sale as part of BP’s strategy to focus on building its Castrol and BP lubricant brands, the company said.
Both Duckhams and Veedol have been in existence since the invention of the motor car around the start of the 20th century.
The successful buyer will get global rights to a wide portfolio of registered trade marks for the respective master brand as well as the associated product sub-brands and logos, BP said.
The deal will not include any sales or customer lists, nor any product formulation or rights, nor any commitment for supply or other operational support.
Des Johnson, BP/Castrol Lubricants global brand director, said: "Millions of motorists across the world have at one time or another used these brands for their cars, bikes or trucks."
Any purchase is expected to be completed by the end of this year. Potential buyers have until 12 March to register their interest.