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bp sells Gelsenkirchen - portfolio optimisation or strategic contrarian?
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Report summary
In March 2026, bp announced an agreement to sell Gelsenkirchen refinery to Klesch Group, an independent refining group that owns Heide (Germany) and Kalundborg (Denmark) refineries. Gelsenkirchen is 1 of 11 operational refineries in Germany and part of 3 inland refineries in the far western region of Germany. Gelsenkirchen represented 265 kb/d (16%) of bp’s total 1.6 million b/d global refining portfolio and provided strong earnings from the combination of its refining fuels and petrochemicals business. However, bp's decision to sell a strong asset raises questions as to their rationale and future strategy.
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