British Oil and Gas Company British Petroleum (BP) has completed the acquisition of the German Getec Energie GmbH, an energy supplier for commercial and industrial consumers in Germany. This is reported in the BP press release.
The agreement between the parties to the deal was concluded in January 2024.
The deal aims to expand BP's presence in the gas and electricity generation sector in Europe, as well as to develop integrated low-carbon energy solutions for consumers in Germany and other European countries.
As a result of the deal, BP will directly supply gas and electricity to consumers in the countries where Getec Energie operates (Germany, the Netherlands, Austria, Belgium and Poland) and optimize the supply of electricity and gas to its own facilities in Germany and other European countries, as well as increase electricity generation at offshore wind farms in the future.
Upon completion of the transaction, Getec Energie will join BP trading & shipping's gas and electricity trading division in international markets.
Getec Energie's headquarters in Hanover (Germany) will become BP's new regional sales office, along with other European sales offices in London (England) and Madrid (Spain).
Getec Energie is an energy service company that supplies electricity to commercial customers, including operators of wind turbines, photovoltaic or biomass plants. In addition, Getec Energy offers solutions for the commercialization of energy and takes over the management of energy processes. Getec Energie is a subsidiary of Getec Energy Holding GmbH, headquartered in Hanover, Germany.
BP is a multinational oil and gas company headquartered in London. About a third of BP's revenue comes from the U.S. market.
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