BP has completed the sale of its Gelsenkirchen refinery in Germany, reducing its global refining footprint to just five sites.
The transaction marks a significant contraction in the energy major's downstream operations, signaling a decisive shift away from capital-intensive refining assets in favor of a leaner, more focused portfolio.
The move aligns with the broader restructuring agenda pursued by Chief Executive Meg O'Neill, who has prioritized simplifying the company's business model.
By exiting the German market, BP reduces its exposure to volatile European refining margins and regulatory pressures, allowing management to concentrate resources on higher-return opportunities within its remaining core assets.
This divestment follows a series of strategic retreats by the British energy giant.
Earlier this year, BP initiated a formal sale process for its UK North Sea business, a move that underscored the acceleration of its portfolio overhaul.