Pakistan, Aug. 1 -- The Competition Commission of Pakistan (CCP) has approved the proposed acquisition of BP plc's global Castrol lubricants business by Motion JVCo Limited, a special purpose vehicle established by U.S.-based investment firm Stonepeak Partners, after its Phase-I review.

Castrol lubricants are marketed and sold in Pakistan through Castrol Group Holdings Limited. Notwithstanding the fact that the transaction is global, under Pakistan's merger control law, acquisitions involving businesses with operations in Pakistan are reviewed to ensure they do not substantially lessen competition or create or strengthen a dominant position in the relevant market, said a release issued here on Friday.

Under the transaction, BP plc will ...