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Mar 19, 2026 8:01 AM

BP Dumps German Refinery, Eyes Massive Cost Cuts

BP p.l.c. (NYSE:BP) shares jumped during Thursday’s premarket session. The company announced another step in its portfolio simplification strategy, emphasizing cost reductions and balance sheet strength.

Portfolio Simplification Plan

BP reached an agreement to sell its Gelsenkirchen refinery and related businesses to Klesch Group.

The deal covers the Gelsenkirchen refinery, Bottrop tank farm, DHC Solvent Chemie GmbH, stakes in logistics joint ventures, and marketing businesses for petrochemicals and unbranded B2B fuels.

The Gelsenkirchen refinery, processing about 12 million tonnes of crude annually, produces vehicle and aviation fuels and supplies key petrochemical feedstocks across Germany and Europe.

This marks a milestone in its strategy to simplify the portfolio, strengthen the balance sheet, and focus downstream on “leading integrated businesses.”

BP added that it will use offtake arrangements covering ground fuels, aviation fuel, and coke to maintain regional supply requirements, and noted the integrated complex employs around 1,800 people.

The company expects the transaction to conclude in the second half of 2026.

Cost Savings Target Boost

The deal is free cash flow accretive based on historical performance and should help lower cash breakeven for its retained refining portfolio, with terms ...

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