Energy
BP to Sell German Refining, Chemicals Assets on High Costs
- Gelsenkirchen refinery is Germany’s third largest plant
- BP joins Shell, Exxon in trying to sell German refining assets
A BP oil refinery in Gelsenkirchen.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
BP Plc plans to sell oil refining and chemical assets in Germany, as the company scales back operations in the country due to high costs.
The process, which involves the potential sale of a refinery in Gelsenkirchen and the DHC Solvent Chemie GmbH chemical plant in Mülheim an der Ruhr, will begin immediately with an aim of concluding the sales agreement this year, according to a company statement. The timing of the handover to a new owner will depend on regulatory approvals and operations will continue as usual during the sales process.