The company will also become a partner of Team Scotland and Team England at Scotland’s largest ever multi-sport event, and provide fuel for the official games vehicles.
BP will launch a mentoring scheme for 65 young people aged between 17-21 to develop their workplace skills.
The Games will take place from July 23 to August 3 2014 and will feature 6,500 athletes and officials from across the 71 nations and territories of the Commonwealth.
Stef Reid, London 2012 Paralympic Games silver medallist in the long jump, said: “BP’s on-going support has made a huge difference to me personally, allowing me to stay focused on my training.
“It’s also made a huge difference to all those athletes who will represent Team England and Team Scotland.
“After winning a silver medal in the London 2012 Paralympic Games, I’m excited about making my mark in history and will attempt to compete for Scotland in Glasgow 2014 in the able-bodied long jump.”
Jessica Ennis-Hill, London 2012 Olympic gold medallist said: “It is fantastic news that BP is to be a partner for the Glasgow 2014 Commonwealth Games. It is important to the organisations as well as the athletes that such strong brands are there to give their support.”
Commonwealth Games and Sport Minister Shona Robison, said: “As a world leading company with a big presence in Scotland, BP’s support for the Commonwealth Games is extremely welcome. BP now joins a growing list of major companies involved in making next year’s event truly spectacular.”
Councillor Archie Graham, Executive Member for the Commonwealth Games at Glasgow Council, said: “I know that BP have a long history of sponsoring major sporting events, and this partnership will no doubt be as successful as those in the past.”
Michael Cavanagh, Chairman Commonwealth Games Scotland, said: “We are particularly pleased to see that a worldwide company with such strong Scottish roots has made a further commitment to invest in world-class athletes and sport events of this stature.”
Lord Smith of Kelvin, Chairman of Glasgow 2014, said BP is “a strong global brand, but with roots that are firmly in Scotland”.
Peter Mather, BP’s Group Regional Vice President for UK/Europe said the Glasgow partnership follows on from BP’s major partnership with the London Olympics and Paralympics.
Trevor Garlick, BP North Sea Regional President, said: “BP is a major employer and investor in the North Sea and is committed to continuing its long history of supporting the wider communities in which it operates.”