BP sells German refinery to cut costs

Royal Dutch Shell announced the completion of the sale of the Gelsenkirchen refinery in Germany to Klesch Group, as part of its restructuring plan aimed at streamlining operations and increasing profitability. The deal is expected to reduce operating costs by approximately one billion dollars and improve the company’s free cash flows amidst pressures from rising costs and changing strategies within the global energy sector. This move is part of BP’s efforts to focus its investments on more profitable activities and to reduce non-core assets, in order to better navigate market volatility and support future investment funding.

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