BP completes sale of Gelsenkirchen refinery as overhaul continues

BP said on Monday it has completed the sale of its Gelsenkirchen refinery to investment firm Klesch Group, expecting about a $1 billion reduction in underlying operating expenditure, as the oil major simplifies its operations.

The London-listed company has been making sweeping changes under Chief Executive Officer Meg O'Neill's leadership to boost profitability. Last week, BP said it wants to sell its North Sea assets.

BP did not specify a value for the Gelsenkirchen deal but said that the transaction was free cash flow accretive and transfers associated assets and liabilities to Klesch.