04:29 AM EDT, 03/19/2026 (MT Newswires) -- BP (BP) said Thursday it has agreed to sell its Gelsenkirchen refinery and related assets in Germany to Klesch Group as part of efforts to simplify its portfolio and strengthen its balance sheet.

The company said the refinery processes about 12 million tonnes of crude oil annually and employs around 1,800 people, who are expected to transfer to the new owner.

BP said the move supports its plan to cut $6.5 billion to $7.5 billion in costs by 2027, including about $1 billion in savings tied to the asset.

The transaction is expected to close in H2 2026, it added.