BP sells Germany refinery in portfolio reset

Germany

DUISBURG, March 19, 2026 – BP has agreed to sell its Gelsenkirchen refinery in Germany to Klesch Group as it pushes ahead with portfolio simplification and downstream focus, the company said on Thursday.

The deal covers the Gelsenkirchen refinery, the Bottrop tank farm, DHC Solvent Chemie, interests in logistics joint ventures and marketing businesses tied to petrochemicals and unbranded B2B fuels from the site. BP said the transaction lifts its 2027 structural cost reduction target to USD 6.5 billion-7.5 billion and includes offtake arrangements for ground fuels, aviation fuel and coke to support regional supply.

“With this transaction, we are strengthening our balance sheet, increasing our structural cost reduction target, and increasing the resilience of our focused refining portfolio,” BP interim CEO Carol Howle said.

The Germany refinery processes roughly 12 million tonnes of crude oil per year and employs around 1,800 people, with staff expected to join the new owner when the sale closes in the second half of 2026. Klesch said it will add the asset to a refining portfolio that already includes the Heide refinery in Germany and the Kalundborg refinery in Denmark.

In Germany, BP operates one of Europe’s largest refinery systems, while its Aral brand leads the country’s fuels retail market with about 2,400 service stations and around 4,000 employees nationwide. Klesch focuses on refining and operates assets in Germany and Denmark, targeting safe and efficient operations and continuous optimisation.