PRESS: German government reviewing BP refinery sale to U?investor
The German Economy Ministry is reviewing a planned sale of a western German oil refinery owned by energy firm BP PLC to the Klesch Group, news magazine Der Spiegel reported on Thursday.
A spokesman for the ministry declined to comment, citing trade and business secrets held by the companies involved in the acquisition.
The German government may prohibit the acquisition of companies by non-European investors under certain conditions.
The Klesch Group, owned by US investor A Gary Klesch, currently operates two oil refineries in Europe, including one in northern Germany.
London-headquartered BP announced last month that it had struck an agreement for the group to acquire its oil refinery in the western German city of Gelsenkirchen.
The transaction is to be finalized in the second half of 2026 pending regulatory approval, according to BP.
The site has an annual processing capacity of around 12 million tons of crude oil. It primarily produces fuels for road and air transport.
According to Der Spiegel, Klesch controls the Malta-based Klesch Group via an obscure network of subsidiaries registered in Jersey, a British territory in the English Channel long considered a tax haven.
BP shares rose 2.1% to 574.70 pence each on Thursday afternoon in London, amid an increase in the price of Brent oil.
source: dpa
Copyright 2026 Alliance News Ltd. All Rights Reserved.