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Finance

Germany probes Klesch's planned purchase of BP refinery, reports Spiegel

Published by Global Banking & Finance Review

Posted on April 9, 2026

1 min read

· Last updated: April 10, 2026

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Germany probes Klesch's planned purchase of BP refinery, reports Spiegel

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BERLIN, April 9 (Reuters) - Germany's economy ministry has started an investment review of investment firm Klesch Group's planned purchase of BP's German oil refinery site in Gelsenkirchen, the

Germany probes Klesch's planned purchase of BP refinery, the Spiegel reports

Investment Review of BP's Gelsenkirchen Refinery Sale

Background of the Planned Acquisition

BERLIN, April 9 (Reuters) - Germany's economy ministry has started an investment review of investment firm Klesch Group's planned purchase of BP's German oil refinery site in Gelsenkirchen, the Spiegel news outlet reported on Thursday.

Nationality Concerns and Confidential Documents

According to Spiegel, citing confidential documents, the nationality of Klesch Group owner Gary Klesch, who has given up his U.S. citizenship to become British, is one reason for the review of the planned deal.

Responses from Involved Parties

BP and Klesch Group declined to comment.

Official Statement from the German Ministry

A German ministry spokesperson said that due to trade and business secrets relating to the companies involved in the acquisition, they were unable to provide any information regarding specific investment review processes.

Reporting and Editorial Credits

(Reporting by Christoph Steitz and Shadia Nasralla, additional reporting by Holger Hansen, Writing by Miranda Murray and Linda Pasquini;Editing by Ludwig Burger and Emelia Sithole-Matarise)

Key Takeaways

Germany is investigating the planned purchase of BP’s Gelsenkirchen refinery by Klesch Group due to the owner’s dual-nationality status (klesch.com)
BP is divesting the refinery as part of a broader cost-cutting and portfolio simplification strategy, targeting $6.5–7.5 billion in savings by 2027, with around $1 billion expected from this sale (ogj.com)
The Gelsenkirchen complex is a major integrated refining and petrochemical site — second-largest ethylene producer in Germany with annual throughput of about 12 million tonnes and employing around 1,800–2,200 staff, whose jobs will transfer to Klesch upon deal completion (klesch.com)

References

Frequently Asked Questions

Why is Germany reviewing Klesch Group's planned purchase of BP's refinery?

Germany's economy ministry is reviewing the deal due to the owner's nationality and standard procedures for foreign investments.

Which BP asset is involved in the Klesch Group acquisition?

The asset involved is BP's oil refinery site located in Gelsenkirchen, Germany.

Has BP or Klesch Group commented on the planned refinery sale?

According to the article, BP and Klesch did not immediately respond to requests for comment.

What is the significance of Gary Klesch's nationality in the review?

Gary Klesch, owner of Klesch Group, recently changed his nationality from U.S. to British, which is a factor in the investment review.

What has the ministry spokesperson said about the investigation?

The spokesperson would neither confirm nor deny the review, citing legal protections for company trade secrets.

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Germany probes Klesch's planned purchase of BP refinery, reports Spiegel

Germany probes Klesch's planned purchase of BP refinery, the Spiegel reports