BP to Sell German Gelsenkirchen Refinery, Boosting $20bn Cost-Cutting Plan

BP has agreed to sell its Gelsenkirchen refinery in Germany to the Klesch Group as part of a broader $20 billion cost-cutting and asset reduction strategy. This refinery handles about 12 million tonnes of crude annually and the sale will save BP roughly $1 billion each year in operating expenses. Moving forward, BP aims to accelerate its restructuring efforts by focusing on higher-margin segments and further reducing operating costs.