Key facts
- BP is divesting its US biogas business.
- BP acquired its US biogas business for $4.1 billion in 2022.
- Financial underperformance and slower-than-expected growth are cited for the US biogas unit sale.
- BP has exited its North Sea operations.
- BP is restructuring to focus on core oil and gas assets.
- BP has sold its refinery in Gelsenkirchen, Germany.
- Klesch Group is the buyer of the Gelsenkirchen refinery.
- The sale of the German refinery is part of BP's strategy to streamline its business.
- The sale of the German refinery is part of BP's strategy to focus on higher-value assets.
- The transaction is expected to lower BP's operating expenditure by approximately $1 billion.
BP is divesting its US biogas business, which it acquired for $4.1 billion in 2022. The company cites financial underperformance and slower-than-expected growth as reasons for the sale. This divestment follows BP's recent exit from its North Sea operations, indicating a broader restructuring effort to concentrate on its core oil and gas assets. The company is also selling its refinery in Gelsenkirchen, Germany, to Klesch Group. This move is part of BP's ongoing strategy to streamline its business and focus on higher-value assets. The sale of the German refinery is anticipated to reduce BP's operating expenditure by approximately $1 billion. These portfolio adjustments reflect BP's strategic shift towards optimizing its asset base and improving financial performance.