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BP completes sale of German refinery in Gelsenkirchen to Klesch

BP said the deal was expected to cut its underlying operating expenditure by about $1 billion and leave it with five refineries in its downstream portfolio.

Reported · Written up by our desk · Energy

BP has completed the sale of its Gelsenkirchen, Germany refinery to Klesch Group, as part of its ongoing portfolio streamlining led by CEO Meg O’Neill, OilPrice reports.

The transaction value was not disclosed. BP said the move supports its focus on disciplined capital allocation and is expected to lower the company’s underlying operating expenditure by around $1 billion.

BP said the sale leaves it with a refining portfolio of five refineries serving key customers and markets in its downstream business, including facilities in the United States and Europe.

OilPrice adds that the completion comes days after BP launched a process to market its North Sea business as it simplifies the portfolio and looks to invest in higher-return projects.

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