|
Strategic acquisition strengthens Klesch's European refining platform and secures long-term future of major German industrial asset London, 19th March, 2026 The Klesch Group ("Klesch" or the "Company"), a leading independent refiner, today announced that it has entered into a definitive agreement to acquire BP's Gelsenkirchen Refinery Business ("GSK"), located in Gelsenkirchen, Germany, in one of Europe's largest integrated refining and petrochemical complexes. The transaction, expected to close in Q2 or Q3 2026, subject to regulatory approvals, represents a significant expansion of Klesch's oil refining capabilities in Europe and underscores the Company's commitment to the long-term sustainability of critical industrial infrastructure. Morgan Stanley & Co. International plc acted as financial advisor and Clifford Chance acted as legal advisors to Klesch on the transaction. In a statement, A. Gary Klesch, Chairman of the Klesch Group, says: "Our strategy is built around the long-term stewardship of high-quality refining assets. Gelsenkirchen Refinery fits within that vision and provides a strong foundation for sustainable value creation. We want employees to know that their expertise remains central to the refinery's future success, and we are committed to forging strong partnerships with both them and the works council." GSK is the second-largest ethylene producer in Germany with a crude throughput capacity of 265,000 barrels per day (approximately 12 million tonnes per year) and operates across two interconnected sites - Horst and Scholven - and the Bottrop tank farm. With a workforce of around 2,200 employees and 110 apprentices, it produces petrol, diesel, jet fuel, heating oil, and more than 50 other products, primarily for the chemical industry. Since becoming sole owner in 2017, BP has invested approximately $2 billion to modernise the facility, including comprehensive upgrades to steam and power infrastructure, distributed control systems, and tank farm and pipeline refurbishments, significantly enhancing reliability, safety, and regulatory compliance. Patrick Wendeler, Head of Country for Germany at BP, added: "We have a long history of operating successful assets and brands in Germany, and we are deeply grateful for the refinery's decades of contribution to our business. We are confident that the Klesch Group's experience in refining makes them the right owner for Gelsenkirchen's next chapter." Klesch Group - press release 
|
