BP agrees to sell Gelsenkirchen refinery in deal with Klesch

BP has signed an agreement to divest its Gelsenkirchen refinery and associated businesses in Germany to European refiner Klesch Group for an undisclosed price. This sale forms part of bp’s wider strategy to simplify its portfolio and focus on its integrated businesses. The company has set a revised target for structural cost reductions of $6.5bn (£4.86bn)–7.5bn by 2027, reflecting anticipated annual savings of approximately $1bn in underlying operating expenditure following the transaction. This target ...