Malaysia's state-owned oil firm Petronas Friday it plans to buy a European lubricants producer for one billion euros (1.4 billion dollars).

Petronas said it would acquire Italy-based FL Selenia SpA -- Europe's largest independent producer of branded automotive lubricants -- from affiliates of US investment firm Kohlberg Kravis Roberts.

"Petronas views this acquisition as an exciting opportunity to create and add value for the group and at the same time realise the global aspirations of its lubrications business," it said.