BP has sold its German oil refinery site in Gelsenkirchen to Klesch Group for an undisclosed sum and is increasing its cost reduction target to between $6.5 billion and $7.5bn by 2027. The transaction is part of the company's $20 billion divestment plan aimed at reducing debt and increasing returns. The sale of the refinery, which processes about 12 million metric tons of crude oil annually, will save around $1 billion of underlying operating expenditure associated with G. .