BP finalized the sale of its Gelsenkirchen refinery in Germany, part of its $20 billion divestment plan and following its earlier decision to exit the North Sea. The deal transfers about 1,800 employees to Klesch Group and cuts BP's operating expenditure by roughly $1 billion. The move further underscores BP's strategy to simplify operations, reduce costs, and focus on core assets.
- BP completed the sale of its Gelsenkirchen refinery in Germany to Klesch Group, transferring about 1,800 employees.
- The sale cuts BP's operating expenditure by roughly $1 billion and is the latest step in its $20 billion divestment plan.
- The deal follows BP's announcement to sell its entire North Sea division, marking a continued downsizing of its downstream operations.