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BP to sell German oil refinery as part of $20bn cost-cutting plan

19.03.2026 13:20 | The Guardian World

Energy company plans full return to London by moving global HQ to new development on South BankBusiness live – latest updatesBP has agreed to sell its giant German oil refinery site in Gelsenkirchen to the investment firm Klesch Group as part of the British oil company’s plan to sell off $20bn (£15bn) worth of assets and cut its costs.The value of the sale was not disclosed but BP said it would save the oil company about $1bn of underlying operating expenditure at the complex, which processes about 12m tonnes of crude oil every year, mainly as fuel for cars and aircraft. Continue reading...

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