BP is selling its Gelsenkirchen refinery in Germany to the Klesch Group as part of the British energy major's ongoing portfolio simplification strategy. This move aligns with BP's broader effort to streamline operations and strengthen its balance sheet through strategic asset sales.

The refinery sale represents another step in BP's transformation plan, which has seen the company divest various downstream assets to focus on core operations. By exiting the Gelsenkirchen facility, BP continues to reduce its exposure to certain European refining markets while optimizing its global portfolio.

This transaction underscores BP's commitment to financial discipline and operational efficiency as it navigates the evolving energy landscape. The sale to Klesch Group, a specialist in industrial acquisitions, ensures the refinery will continue operating under new ownership while helping BP achieve its strategic objectives.