Dutch energy trader Vitol Group has now acquired the entire issued share capital of Phillips 66 Power Operations Ltd, which owns Immingham CHP plant in the UK, from Phillips 66 (NYSE:PSX) of the US.

Vitol’s purchase of the 1240MW gas-fired Immingham cogeneration plant in northeast England,is reported to be part of an attempt to spread risk and diversify its energy trading business.

The details of the deal were not disclosed but it represents the first purchase of power generation assets by this  leading oil trader.

Immingham, which is one of the largest combined heat and power (CHP) plants in Europe, is to be renamed VPI Immingham.

The facility is responsible for supplying more than 2% of the UK electricity demand, according to Ian Taylor, CEO of Vitol.

Immingham also provides steam and power to Phillips 66’s Humber refinery, as well as steam to the Lindsey refinery.

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