Germany's Federal Ministry for Economic Affairs under Minister Katherina Reiche is reviewing the sale of BP's refinery in Gelsenkirchen to the Klesch Group. The acquisition by the US investor could be blocked by the state under certain conditions. The deal is set to close in the second half of 2026 pending regulatory approval.
The Gelsenkirchen refinery, one of Germany's largest, processes around twelve million tons of crude oil annually at two sites. BP plans to sell the complex to the Malta-based Klesch Group, led by US investor A. Gary Klesch. The group already operates two refineries in Europe, including the Heide facility in Schleswig-Holstein.
According to a report by Der Spiegel, the ministry has initiated an investment review since the buyer qualifies as a non-European investor. A ministry spokesperson stated: "Due to business and trade secrets of the companies involved in the acquisition, the ministry cannot provide information on any specific investment review procedures."
Der Spiegel also reports on an opaque corporate structure behind the Klesch Group in the tax haven of Jersey. The refinery mainly produces fuels for road and air transport. The sale depends on regulatory approval.
