BP agrees to sell Gelsenkirchen refinery in deal with Klesch [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
This sale forms part of bp's wider strategy to simplify its portfolio and focus on its integrated businesses. The company has set a revised target for structural cost reductions of $6.5bn (£4.86bn)–7.5bn by 2027, reflecting anticipated annual savings of approximately $1bn in underlying operating expenditure following the transaction. This target represents around 30% of bp's 2023 cost baseline. The company initially planned for $4–5bn in savings as announced in February 2025, and raised this target to $5.5–6.5bn last month after a strategic review of Castrol. The transaction with Klesch Group includes the Bottrop tank farm refinery, the DHC Solvent Chemie business, interests in logistics joint ventures (JVs), and marketing operations related to petrochemicals and unbranded business-to-business fuels produced at Gelsenkirchen. BP has also arranged offtake agreements to maintain its regional supply of ground fuels, aviation fuel and coke. The Gelsenkirchen complex processes a
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BP
Earnings
- 2/11/26 - Beat
BP
Sec Filings
- 3/19/26 - Form 6-K
- 3/6/26 - Form 6-K
- 3/6/26 - Form 6-K
- BP's page on the SEC website