According to BP, the process of finding a suitable buyer has already begun and the company is aiming for purchase agreements in 2025. However, the timeline for finalizing the sale and transferring the assets to a new owner will be subject to regulatory and government approvals. During the sales process, the refinery will continue to operate as usual, BP stated.

Emma Delaney, BP’s executive vice president, customers & products, commented: “BP needs to continually manage its global portfolio as we position to grow as a simpler, more focused, higher-value company. After a thorough review, we have concluded that a new owner would be better suited for the site to take it forward.”

BP said that it has carried out numerous projects to modernize the infrastructure of the refinery in Gelsenkirchen in recent years, for example, the renewal of the electricity network and the establishment of an independent steam supply.

Today, the refinery can process crude oils, produce high-quality fuels and also has the potential to manufacture biofuels and process recycled plastics.

Patrick Wendeler, CEO of BP Europa, said: “With significant investments, we have been able to substantially modernize our site in recent years. Due to its current production capabilities and its location – in the heart of Europe and particularly within the chemical cluster of North Rhine-Westphalia – it offers significant potential to a new owner supported by a highly qualified team.”