Gelsenkirchen Sale Trims Oil Giant BP’s Refinery Holdings To 5 Sites

The Ruhr Oel GmbH BP refinery successful Gelsenkirchen, Germany. (Photo: Ina Fassbender)

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Global power elephantine BP (LON: BP) has trimmed its refinery portfolio down to conscionable 5 sites pursuing the completion of a waste of 1 its accommodation successful Gelsenkirchen, Germany to finance patient Klesch Group.

The FTSE 100 company confirmed the waste completion connected Monday but did not disclose the woody worth only opting to item additions to its free rate travel and transfers of associated assets and liabilities to Klesch.

The transaction is besides "expected to little underlying operating expenditure by astir $1 billion," it added.

The Gelsenkirchen refinery has the capacity to process astir 12 metric tons of crude lipid per year, equating to astir 265,000 barrels per day. The refinery’s workforce of astir 1,800 group and its associated businesses person transferred complete to Klesch nether the position of the deal.

Patrick Wendeler, caput of state for Germany astatine BP, said: "Gelsenkirchen plays an important domiciled successful supplying occidental Germany pinch fuels and petrochemicals.

"With its refining acquisition and established beingness successful Germany, Klesch is good placed to return Gelsenkirchen into its adjacent chapter. BP will proceed to support customers successful Germany done its businesses, including Aral."

The move is portion of ​BP’s ongoing $20 cardinal divestment plan aimed astatine cutting its indebtedness and ​boosting returns, which has the support of the company's caller CEO Meg O’Neill.

The waste follows BP's conclusion that a caller proprietor would beryllium amended placed to return the refinery guardant to support its semipermanent future.