BP has completed the sale of its Gelsenkirchen refinery to Klesch Group, marking another step in the company's strategy to simplify its portfolio, reduce costs, and focus on higher-return businesses.

BP plans to sell its UK North Sea oil and gas assets after 60 years of production, citing a 78% tax rate as the energy giant overhauls its

Global energy giant BP has trimmed its refinery portfolio down to just five sites following the sale of one of its facilities in Gelsenkirchen, Germany.