BP cuts refinery portfolio to five sites after selling German plant to Klesch

BP disclosed that its Gelsenkirchen refinery, capable of processing roughly 265,000 barrels per day, has been sold to the Klesch Group, with the plant’s 1,800 employees and associated businesses now under Klesch control. The company highlighted that the transaction will lower underlying operating expenditure by around $1 billion and improve free cash flow, fitting into a broader $20 billion asset-sale plan aimed at debt reduction.

BP’s German country head, Patrick Wendeler, noted the refinery’s importance for western Germany’s fuel supply and praised Klesch’s ability to advance the site. The sale raises BP’s cost-cutting target to $6.5-$7.5 billion by 2027 and brings its refinery count down from ten in 2016 to five as of August 2026. The remaining assets include Cherry Point and Whiting in the United States, and Castellón, Lingen and Rotterdam in Europe, with Whiting and Rotterdam each exceeding 400,000 bpd. BP said the five refineries will continue serving key markets while the company focuses on higher-value downstream operations.