"BP needs to continually manage its global portfolio as we position to grow as a simpler, more focused, higher-value company," stated Emma Delaney, BP's EVP of customers and products.
Earlier, BP revealed plans to reduce crude processing capacity at the Gelsenkirchen refinery by about one-third this year, citing a decline in demand.
The site, officially known as Ruhr Oel GmbH (ROG) – BP Gelsenkirchen, along with associated assets like DHC Solvent Chemie GmbH, a manufacturer of specialized solvent products, is up for sale.
Established in 1935, the refinery consists of two plants and a petrochemical facility, with a crude oil processing capacity of approximately 12 million tons annually.
Last year, Auchincloss committed to cutting costs by at least $2 billion by the end of 2026 to enhance returns and address investor concerns regarding BP's energy transition strategy.
BP's shares rose by 2.5% during afternoon trading.
In January, other global refiners expressed little hope for a quick recovery in profits following a decline in fuel production margins.
ROG fully owns DHC Solvent Chemie and has interests in the Maatschap Europoort Terminal and a crude oil and products pipeline in the Netherlands.
BP plans to finalize sales agreements by 2025 while continuing normal operations at the refinery in the meantime.
In 2023, BP recorded a $1.34 billion impairment on the Gelsenkirchen refinery due to "changes in economic assumptions."