BP to sell German oil refinery as part of $20bn cost-cutting plan
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BP is selling its Gelsenkirchen, Germany oil refinery to Klesch Group as part of a $20 billion cost-cutting plan. The sale, the value of which was not disclosed, will save BP approximately $1 billion in operating expenditure and contributes to the company's divestment program, which has reached over $11 billion of its $20 billion target by 2027. This move allows BP to raise its cost-cutting target to between $6.5 billion and $7.5 billion by 2027. The company is also relocating its global headquarters to London's South Bank by early 2028. Meg O’Neill will become BP's new chief executive in April, replacing executives who oversaw a failed green energy transition that impacted the company's market value.
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