Klesch Group has become Germany's second-largest oil refiner after acquiring BP's Gelsenkirchen facility. The Malta-based group also becomes the largest shareholder in one of Germany's main crude oil pipeline networks. The Gelsenkirchen refinery processes roughly 265,000 barrels per day and supplies fuel for road transport, aviation, and shipping, as well as feedstock for the regional chemicals industry. BP expects the sale to reduce its annual operating costs by as much as $1 billion. Germany's government reviewed the buyer and attached conditions, including measures to protect energy security and maintain long-term deliveries to critical infrastructure, with Berlin retaining the right to monitor operations and revoke permission if conditions are breached.
BP PLCBP sells Gelsenkirchen refinery, reducing annual operating costs by up to $1 billion.
Acquires BP's Gelsenkirchen refinery, becoming Germany's second-largest oil refiner and largest shareholder in a key pipeline network.
