bp agreed to sell its Gelsenkirchen refinery and related businesses to Klesch Group for an undisclosed sum, marking a strategic move to simplify bp’s portfolio and focus on integrated downstream operations. The transaction includes the Gelsenkirchen refinery, Bottrop tank farm, DHC Solvent Chemie GmbH, logistics joint venture interests, and petrochemical marketing businesses, with offtake arrangements covering ground fuels, aviation fuel, and coke to maintain regional supply requirements. The refinery, which processes 12 million tonnes of crude oil annually and employs 1,800 people, operates two integrated sites in Horst and Scholven with a crude distillation capacity of 265,000 barrels per day. The deal is expected to close in the second half of 2026, subject to regulatory and governmental approvals, and will strengthen bp’s balance sheet while increasing its structural cost reduction target to $6.5–$7.5 billion by 2027. Klesch Group, a leading independent refiner with operations in Germany and Denmark, will assume liabilities including pension obligations and provisions associated with the refinery. Financial advisors and legal counsel were not disclosed in the article.