US EditionBP hikes cost-cutting target again after striking deal to sell German refinery
BP will cut costs by up to $7.5 billion by 2027 and transfer 1,800 refinery employees to Klesch Group in the Gelsenkirchen sale.
- BP agreed to sell the Gelsenkirchen refinery to Klesch Group, with completion expected in the second half of 2026.
- On Thursday, BP raised its 2027 cost-reduction target to between 6.5 billion and 7.5 billion dollars, the second hike this year, equating to around 30% of its 2023 cost baseline.
- The Gelsenkirchen refinery processes around 12 million tonnes of crude a year and comprises two sites in Horst and Scholven plus the Bottrop tank farm, supplying fuels and petrochemical feedstocks.
- About 1,800 refinery workers are expected to transfer to Klesch when the deal completes, and BP shares lifted over 2% in Thursday morning trading.
- Klesch, an independent refiner, will take ownership, as BP described the sale as a milestone in its portfolio simplification strategy.
14 Articles
14 Articles
BP sells one of the largest German refineries to a US investor. It already owns another plant in the country. The plants supply the citizens with fuel and fuel oil, but the business runs badly.
British energy giant did not disclose the terms or value of the transaction, but increased its target of structural costs around US$ 1 billion, up to US$ 7.5 billion by 2027
One of the largest fuel factories in Germany has a new owner. BP sells its refinery Gelsenkirchen to the American Gary Klesch. It is already its third location in Europe. The mineral oil group BP sells its refinery in Gelsenkirchen to the independent refinery operator Klesch Group. This was notified by BP in Bochum. Nothing was known about the sales price.The sale is to be completed after the approval of the authorities in the second half of 202…
The Independent
perspectivemedia.comBP hikes cost-cutting target again after striking deal to sell German refinery
The energy giant will sell the Gelsenkirchen refinery to independent European refiner Klesch Group.
The British oil company continues its austerity policy. In order to reduce costs, BP separates from its refinery in the Ruhr region. Employees are to be taken over.
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