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 readLast updated: April 9, 2026
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Germany’s economy ministry has launched a formal investment review into Klesch Group’s planned acquisition of BP’s Gelsenkirchen refinery, amid scrutiny of owner Gary Klesch’s nationality (he relinquished U.S. citizenship for British). The review underscores concerns around foreign ownership of stra
Germany Probes Klesch Group's Planned BP Refinery Purchase in Gelsenkirchen
Investment Review and Background
Initiation of Investment Review
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 of Klesch Group Owner
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 did not immediately respond to requests for comment.
Ministry's Official Statement
Spiegel reported that a ministry spokesperson would "neither confirm nor deny" the matter, adding that no further comment could be made because such procedures involve companies’ trade and business secrets, which are protected by law.
(Reporting by Christoph Steitz and Shadia Nasralla, Writing by Miranda Murray and Linda PasquiniEditing by Ludwig Burger)
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 about Germany probes Klesch's planned purchase of BP refinery, reports Spiegel
1Why 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.
2Which BP asset is involved in the Klesch Group acquisition?
The asset involved is BP's oil refinery site located in Gelsenkirchen, Germany.
3Has 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.
4What 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.
5What has the ministry spokesperson said about the investigation?
The spokesperson would neither confirm nor deny the review, citing legal protections for company trade secrets.
