ENERGY giant BP has sold an oil refinery in Germany as it continues to trim the business and cut costs.
Bosses are offloading their plant at Gelsenkirchen to independent refiner Klesch Group for an undisclosed sum.
It said the deal was a “significant milestone” in its strategy to sell parts of the group to bolster its finances.
The move means it can cut costs by up to £5.7billion, BP said. Its former target was £4.9billion.
Shares lifted more than 2 per cent early yesterday, although this was probably boosted by another spike in Brent crude prices as the Iran war escalated.
The British company’s interim boss Carol Howle said yesterday: “We are strengthening our balance sheet, increasing our structural cost-reduction target and increasing the resilience of our focused refining portfolio.
“We will continue to take decisive action to reduce portfolio complexity — with a continued focus on growing cash flow and returns and delivering value for our shareholders.”
The deal is expected to be completed in the second half of 2026.
The refinery processes about 12million tonnes of crude a year to make fuels for vehicles and aircraft, and employs around 1,800 workers.
They are expected to join Klesch, which has more than 1,000 staff across the UK, Switzerland, Denmark and Germany.
It has offices in London and Geneva.
SOFAS GLOOM
DFS has blamed the dreary weather for keeping customers out of stores, as news of low footfall sent shares down by 12 per cent.
The sofa-seller reported pre-tax profits for the half-year were £30.9million as expected, and kept profit guidance unchanged.
But boss Tim Stacey warned consumer confidence was low as inflation lingers, and said the Middle East crisis could hit spending on big-ticket items like furniture.
HSBC’S ‘20K JOBS CUTS’
HSBC is reportedly considering sweeping job cuts that could hit up to 20,000 workers over the next few years.
The proposed reductions amount to one-tenth of the banking giant’s global workforce.
Roles most at risk are back-office jobs in global service centres, as HSBC increasingly turns to artificial intelligence, according to Bloomberg.
However the plans are said to still be at an early stage and no final decisions have been taken by the London-based lender, which is being reshaped under CEO Georges Elhedery.
IG’S A BIGWIG
SPREAD betting specialist IG GROUP has hinted it could quit the London stock market for the US as it chases faster growth and higher valuations.
The trading platform, which only joins the FTSE 100 next week, reported record 2025 revenue of £1.12billion, sending shares up 8 per cent.
It also announced a strategic review, including assessment of its “listing venues”, which will report in the autumn.