BP faces losses after reducing oil refining in Germany

BP says upcoming second-quarter results due at end of July would include an impairment after tax of $1-2 billion

British energy giant BP on Tuesday said it would take a financial hit of up to $2 billion after recently announcing it planned to reduce oil refining in Germany.

BP said upcoming second-quarter results due at the end of July would include an impairment after tax of $1-2 billion.

"This includes charges relating to the ongoing review of our Gelsenkirchen refinery in Germany that was announced in March," BP said in a trading update.

In reaction, BP's share price slid 3.6 percent to 458 pence at the start of trading, making it the biggest faller on London's top-tier FTSE 100 index, which opened slightly down overall.