Klesch Group Acquires BP Gelsenkirchen Refinery in Germany

The Klesch Group, a Malta-based company controlled by U.S. investor A. Gary Klesch, has acquired the Gelsenkirchen refinery from BP. The facility processes approximately 265,000 barrels per day, supplying fuel for shipping, aviation, and road transport, as well as feedstock for the chemicals industry. Through this transaction, Klesch Group also becomes the largest shareholder in one of Germany's primary crude oil pipeline networks, elevating the company to the position of Germany's second-largest oil refiner.

BP expects the divestment to lower its annual operating costs by up to $1 billion. The acquisition follows a broader trend of private investment firms purchasing aging refineries from listed oil majors to prevent total closures that would threaten regional employment. The Gelsenkirchen site had previously experienced a fire in July that caused temporary shutdowns of production units.

The Federal Government of Germany approved the deal with specific conditions to protect national energy security and maintain deliveries to critical infrastructure. German authorities retain the right to monitor refinery operations and may revoke permission if these energy security conditions are breached.