BP Completes Sale of Gelsenkirchen Refinery to Klesch Group
BP has finalized the sale of its Gelsenkirchen refinery in Germany to independent refiner Klesch Group, marking a key step in BP's portfolio optimization strategy. The deal includes refining sites Horst and Scholven, as well as Bottrop tank farm, with an annual crude processing capacity of around 12 million tonnes. Financial terms were not disclosed, but the transaction is expected to reduce BP’s operating expenses by approximately $1 billion and improve free cash flow. BP stated that transferring assets—including pension obligations—will simplify its portfolio while allowing Klesch Group better long-term positioning for the refinery's future. Employees have also transitioned under this deal. The sale leaves BP with five refineries globally, including Whiting in the U.S., Lingen and Rotterdam in Europe. For Klesch Group, the acquisition expands its refining presence in Germany following previous acquisitions from Shell and Equinor.