BP Set to Offload Gelsenkirchen Refinery to Klesch Group

BP is negotiating the sale of its Gelsenkirchen oil refinery in Germany to investment firm Klesch Group as part of a strategic asset sale. The transaction is expected by 2025, aligning with BP's plan to divest its mobility and convenience businesses in Austria.

BP is in active discussions to sell its Gelsenkirchen oil refinery in Germany to the investment firm Klesch Group, according to a report by Politico. The move is part of BP's broader strategy to divest certain assets.

Last year, BP indicated its intention to finalize a sales agreement for the Gelsenkirchen facility, also known as Ruhr Oel GmbH - BP Gelsenkirchen, by 2025. This is in line with their asset disposal, which includes several businesses in Austria.

Both Klesch Group, which operates refineries in northern Germany and Denmark, and BP have not provided immediate comments on the ongoing negotiations.

(With inputs from agencies.)