Morningstar

BP to Sell Gelsenkirchen Refinery in Germany to Klesch Group

Provided by Dow Jones Mar 19, 2026, 7:30:00 AM

By Adam Whittaker

British energy major BP said it has agreed to sell its Gelsenkirchen refinery in Germany to Klesch Group as it continues to simplify its portfolio and shore up its balance sheet.

BP didn't disclose the terms or price of the transaction.

As a result of the sale, BP increased its structural cost reduction target by around $1 billion to between $6.5 billion to $7.5 billion by 2027.

Burdened with heavy debt, BP is selling some assets while cutting costs. It agreed in December to sell a 65% stake in its Castrol lubricants business to Stonepeak for $8 billion. Last month it said it had announced or completed over $11 billion of its $20 billion divestment target by 2027.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

March 19, 2026 03:30 ET (07:30 GMT)

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