The Vitol Group – the world’s largest independent energy trader – has bought one of Europe’s largest cogeneration plants.

The acquisition of Immingham CHP in the UK is part of a transaction in which Vitol has bought the entire issued share capital of Phillips 66 Power Operations.

The 1220 MW Immingham CHP began commercial operation in 2004 and is fuelled by natural gas with liquid fuel as backup. It provides steam and electricity to Phillips 66’s Humber Refiner and also supplies steam to the neighbouring Lindsey refinery.

Vitol president Ian Taylor said: “Immingham CHP is a high-quality power plant with a highly skilled and experienced workforce and we are delighted to add it to our portfolio.”

Vitol is headquartered in Rotterdam, in the Netherlands, and also has significant involvement in world commodity markets.

Phillips 66 also operates oil and gas refineries and markets fuels under the JET brand.