IN BRIEF: BP sells Gelsenkirchen to strengthen Downstream business

BP PLC - London-headquartered oil and gas company - Completes the sale of its Gelsenkirchen refinery in Germany, and the related businesses, to Klesch Group. This includes the refinery's assets, liabilities and employees. BP says the deal supports its continued focus on disciplined capital allocation. Adds that it expects the transaction to reduce group underlying operating expenditure by around USD1 billion, and to be free cash flow accretive based on Gelsenkirchen's historical performance. BP says it retains five refineries across the US and Europe, which serve "key customers and markets across its downstream business". BP's Germany Head of Country Patrick Wendeler says it "will continue to support customers in Germany through its businesses, including Aral," but that Klesch "is well placed to take Gelsenkirchen into its next chapter."

BP's Downstream Interim Executive Vice President Richard Harding comments: "This deal strengthens our balance sheet and simplifies our portfolio. By concentrating our capital on the assets and markets where bp can be most competitive, we are building a higher-value, more resilient downstream business that continues to supply the fuels and products our customers rely on."

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