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BP Sells Gelsenkirchen Refinery to Klesch for $20 Billion

3/19/2026

50 4 Full Breakdown

Summary

Story summary

BP will sell its Gelsenkirchen refinery to Klesch Group as part of a $20 billion divestment plan that strengthens BP's balance sheet.
The deal will save about $1 billion and lift the target to $6.5–$7.5 billion by 2027.
Approximately 1,800 employees will transfer to Klesch when the sale completes in late 2026.
Meg O'Neill (BP CEO) will become CEO in April.

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Story summary

BP will sell its Gelsenkirchen refinery to Klesch Group as part of a $20 billion divestment plan that strengthens BP's balance sheet.
The deal will save about $1 billion and lift the target to $6.5–$7.5 billion by 2027.
Approximately 1,800 employees will transfer to Klesch when the sale completes in late 2026.
Meg O'Neill (BP CEO) will become CEO in April.