Energy company plans full return to London by moving global HQ to new development on South Bank
Business live – latest updates
BP has agreed to sell its giant German oil refinery site in Gelsenkirchen to the investment firm Klesch Group as part of the British oil company’s plan to sell off $20bn (£15bn) worth of assets and cut its costs.
The value of the sale was not disclosed but BP said it would save the oil company about $1bn of underlying operating expenditure at the complex, which processes about 12m tonnes of crude oil every year, mainly as fuel for cars and aircraft.
The sale has also enabled BP to raise its cost-cutting target to between $6.5bn and $7.5bn by 2027, or almost a third of its cost baseline in 2023. It will also move forward the embattled oil company’s divestment programme, which has now reached more than $11bn of its $20bn target by the same year.
