Business · 3 August 2026
BP sells Gelsenkirchen refinery to the Klesch Group to cut its costs
The deal knocks about $1 billion off the oil giant's running expenses and shifts existing liabilities to the new owners. Disposing of the site fits into a wider $20 billion sell-off plan by the London-listed firm following a tough push into renewables. The transaction leaves BP with just five remaining refineries spread across Europe and the United States.
Reported by Reuters · How we write briefs