Vitol To Acquire UK Power Plant From Phillips 66

abarrelfullabarrelfull wrote on 10 May 2013 18:28
Tags: europe phillips66 refinery uk vitol

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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.

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