BP Completes Sale of Gelsenkirchen Refinery to Klesch Group

The energy company BP completed the sale of its Gelsenkirchen refinery and related businesses in Germany to the Klesch Group. This transaction, which was first announced in March, includes the Bottrop tank farm and the Horst and Scholven sites. All refinery employees have transitioned to the Klesch Group.

The divestment is intended to optimize BP's portfolio, reducing its underlying operating expenditure by approximately $1 billion and increasing free cash flow. This process involved transferring associated liabilities, including pension obligations, to the Klesch Group. Following the sale, BP's refining portfolio is reduced to five facilities across Europe and the United States.

For the Klesch Group, the acquisition expands its German refining footprint, adding to its existing holdings which include the Kalundborg refinery in Denmark and the Heide refinery in Germany.