BP to sell German oil refinery as part of $20bn cost-cutting plan

Energy company plans full return to London by moving global HQ to new development on South BankBusiness live – latest updatesBP has agreed to sell its giant German oil refinery site in Gelsenkirchen to investment firm Klesch Group as part of the British oil company’s plan to sell off $20bn (£15bn) worth of assets and cut its costs.The value of the sale was not disclosed but BP said it would save the oil company about $1bn of underlying operating expenditure at the complex, which processes about 12m tonnes of crude oil every year, mainly as fuel for cars and aircraft. Continue reading...