BP Completes Sale of German Refinery as Portfolio Overhaul Accelerates
The deal reduces BP’s refinery portfolio to five sites and is expected to cut underlying operating expenditure by about $1 billion, the company said.
- On Monday, BP completed the sale of its Gelsenkirchen refinery to the Klesch Group, trimming its global refinery portfolio down to five active sites.
- The transaction supports CEO Meg O'Neill's ongoing $20 billion divestment strategy, allowing BP to raise its structural cost reduction target to between $6.5 billion and $7.5 billion by 2027.
- Approximately 1,800 workers at the Gelsenkirchen site transferred to the Klesch Group under the deal, which involves a facility processing approximately 12 metric tons of crude oil annually.
- BP expects the transaction to lower underlying operating expenditure by around $1 billion, as O'Neill emphasizes the company should focus on competing within its own "weight class."
- Last week, BP announced plans to exit its U.K. North Sea business, concluding 60 years of operations in the region as part of the broader portfolio overhaul.
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BP CEO Says It's 'Prudent' to Stop Calling Company a Supermajor
BP Plc Chief Executive Officer Meg O’Neill said it’s “prudent” to stop thinking of the company as a Big Oil supermajor, a significant shift in how she wants investors to judge the oil giant as she works to reverse years of under-performance.
The sale of the bp-Raffinerie Gelsenkirchen has been completed. The Klesch Group takes over the site with all employees. For bp, it is a further step in the conversion of the group.
BP completes sale of Gelsenkirchen refinery as overhaul continues
BP has completed the sale of its Gelsenkirchen refinery to investment firm Klesch Group, expecting about a $1 billion reduction in underlying operating expenditure as the oil major simplifies its operations.
BP completes sale of German refinery, further simplifying portfolio (BP:NYSE)
BP said it completed the sale of its Gelsenkirchen refinery in Germany to Klesch Group, which it expects will reduce underlying operating expenditure by ~$1B as it simplifies its operations.
BP Completes Sale of German Refinery as Portfolio Overhaul Accelerates
BP has completed the sale of its refinery in Gelsenkirchen, Germany, to Klesch Group, as the UK supermajor continues to streamline its business and high-grade its portfolio under CEO Meg O’Neill. The transaction, whose sum was not disclosed, is part of BP’s continued focus on disciplined capital allocation and is also expected to lower the group’s underlying operating expenditure by around $1 billion, the supermajor said on Monday. “By concentra…
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