BP completes sale of Gelsenkirchen refinery to Klesch Group - BP News | RalliesBP completes sale of Gelsenkirchen refinery to Klesch Group
B
BP• BP completes sale of Gelsenkirchen refinery
- BP completed the sale of its Gelsenkirchen refinery and related businesses to Klesch Group.
- The deal supports balance sheet strengthening, portfolio simplification, and disciplined capital allocation.
- The transaction is expected to cut underlying operating expenditure by about USD 1 billion.
- Based on historical performance, the sale is free cash flow accretive and transfers associated assets and liabilities to Klesch.
- BP retains five refineries in its downstream portfolio across the US and Europe.
