BP Looks to Sell German Refinery in Gelsenkirchen

Oil giant BP has announced plans to sell its refinery in Gelsenkirchen, Germany, which operates under the name Ruhr Oel. The assets to be divested include the refinery in Gelsenkirchen and DHC Solvent Chemie in Mülheim an der Ruhr, Germany.

According to BP, the process of finding a suitable buyer has already begun and the company plans to reach a purchase agreement in 2025. However, the timeline for finalizing the sale and transferring the assets to the new owner will depend on regulatory and government approvals. BP said the refinery will continue to operate as usual during the sale process.

Emma Delaney, BP's executive vice president of customers and products, said: "BP needs to continue to manage its global portfolio as we position ourselves to evolve into a simpler, more focused and more valuable company. After a comprehensive review, we have concluded that a new owner is a better fit for the site."

BP said that in recent years, it has carried out a number of projects to modernize the infrastructure of the Gelsenkirchen refinery, such as updating the power grid and establishing an independent steam supply.

Today, the refinery can process crude oil and produce high-quality fuels, while also having the potential to produce biofuels and process recycled plastics.

Patrick Wendeler, CEO of BP Europa, said: "Through significant investments, we have been able to significantly transform our site in recent years. Due to its current production capacity and geographical location - located in the heart of Europe, especially within the chemical cluster in North Rhine-Westphalia - it offers great potential for the new owner and a highly qualified team."