BP

Aug 3, 10:26 PM UTC· Signal 64.8

BP Completes Sale of Gelsenkirchen Refinery to Klesch Group

BP has finalized the sale of its Gelsenkirchen refinery in Germany to Klesch Group, transferring about 1,800 employees and cutting BP’s operating expenditure by roughly $1 billion. The deal, part of CEO Meg O’Neill’s portfolio overhaul and a broader $20 billion divestment plan, leaves BP with five refineries globally. The move follows BP’s decision to market its North Sea business and aims to simplify operations, reduce costs, and strengthen the balance sheet.

5 reports · 3 sources

Jul 31, 12:46 PM UTC· Signal 66.8

BP Exits North Sea After 60 Years, Sells Assets Amid UK Tax Hike

BP announced the sale of its entire North Sea oil and gas division, ending 60 years of production in its home market. The decision follows a UK government windfall tax increase, a ban on new drilling, and a strategic shift toward higher-return projects in the US and Brazil. CEO Meg O’Neill aims to divest $20 billion in assets by year-end. The move marks the last major oil company to exit the region, sparking concerns over UK energy policy and jobs in Aberdeen.

5 reports · 4 sources

Jul 29, 02:06 PM UTC· Signal 194.3

Global Oil Prices Surge as US-Iran Peace Talks Collapse