BP Europa is seeking potential buyers for the BP Gelsenkirchen refining site in Germany and related refinery assets. The marketing process, which will start immediately, includes the BP refinery in Gelsenkirchen and DHC Solvent Chemie in Mülheim an der Ruhr.

BP said on Thursday BP Europa SE will seek potential buyers for its German refinery assets, as the oil major looks to reduce costs and rebuild investor confidence. CEO Murray Auchincloss said last year said he would cut the British company's costs by at least $2 billion by the end of 2026 to boost returns and address investor concerns over its energy transition strategy.