BP Completes Sale of German Refinery as Portfolio Overhaul Accelerates

BP has completed the sale of its refinery in Gelsenkirchen, Germany, to Klesch Group, as the UK supermajor continues to streamline its business and high-grade its portfolio under CEO Meg O’Neill. The transaction, whose sum was not disclosed, is part of BP’s continued focus on disciplined capital allocation and is also expected to lower the group’s underlying operating expenditure by around $1 billion, the supermajor said on Monday. “By concentrating our capital on the assets and markets where bp can be most competitive,…