BP Sells Gelsenkirchen Refinery To Klesch Group, Raises Structural Cost Reduction Target By $1B To $6.5-$7.5B By 2027

BP has sold its Gelsenkirchen refinery to Klesch Group as part of its strategy to simplify its portfolio and concentrate on its leading integrated businesses. This transaction has led BP to increase its structural cost reduction target by approximately $1 billion, raising it to a range of $6.5 to $7.5 billion by 2027. The deal is expected to strengthen BP's balance sheet and enhance its refining portfolio resilience.