Commodities trading firm Vitol Group Friday said it has agreed to buy U.K.-based Immingham Combined Heat and Power, marking its first power plant purchase.
Commodities trading firm Vitol Group Friday said it has agreed to buy
U.K.-based Immingham Combined Heat and Power, marking its first power plant
purchase.
The 1,220 megawatt plant, located in
North Lincolnshire
, will
be acquired from refiner Phillips 66. The plant supplies 2% of
U.K.
's
electricity demand, and provides steam and electricity to Phillips 66's
Humber
refinery.
Ian Taylor, president and chief executive of Vitol, said in a statement:
"Immingham CHP is a high quality power plant with a highly skilled and
experienced workforce...We are delighted to add it to our portfolio."
The deal marks the first foray into power station ownership for Vitol. The
company already owns oil terminals in several countries, as well as three
refineries in
Belgium
,
Switzerland
and
the
United Arab Emirates
.
Trading companies have increasingly begun to acquire physical assets connected
to their trading businesses.
A spokeswoman for Vitol said that there were no plans to acquire the refinery
from Phillips 66.
The acquisition of the Immingham plant involves Vitol buying the entire issued
share capital of Phillips 66 Power Operations Ltd, the company that legally
owns it. The company didn't disclose financial details, saying they are
confidential.
The Vitol Group was founded in
Rotterdam
, in
1966, and says it is the world's largest independent energy trader, trading
over 5 million barrels of crude oil and oil products a day.
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