Vitol to Acquire UK Power Plant from Phillips 66
Vitol Group has agreed to acquire the entire issued share capital of Phillips 66 Power Operations Ltd. which owns Immingham Combined Heat and Power plant (Immingham CHP), located in North Lincolnshire, U.K., from Phillips 66.
Immingham CHP is one of the largest combined heat and power (cogeneration) plants in Europe. The 1,220 MWe facility provides steam and electricity to Phillips 66’s Humber Refinery, steam to the neighbouring Lindsey refinery, and merchant power into the U.K. market.
Commenting on the acquisition, Ian Taylor, President and CEO of the Vitol Group said: “Immingham CHP is a high quality power plant with a highly skilled and experienced workforce. It supplies over 2% of UK electricity demand and steam to the Humber and Lindsey oil refineries. We are delighted to add it to our portfolio.”
The transaction is subject to customary regulatory reviews and is expected to close in the second quarter.
About the Vitol Group
The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly to become a major participant in world commodity markets and is now the world’s largest independent energy trader. Its trading portfolio includes crude oil, oil products, LPG, LNG, natural gas, coal, electricity, agricultural products, metals and carbon emissions. Vitol trades with all the major national oil companies, the integrated oil majors and the independent refiners and traders. Globally Vitol trades over 5 million barrels of crude oil and oil products per day and revenues in 2012 were $303 billion.
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