GENEVA, July 23 (Reuters) - The world’s top oil trader Vitol said on Tuesday it had completed the purchase of a British power plant from Phillips 66 as it seeks to build its portfolio of energy assets.
The gas-fed 1,220 megawatt combined heat and power plant in Immingham, northeast England, supplies around 2 percent of Britain’s electricity.
Vitol, like many of its peers, has been investing in global assets such as oilfields and refineries in what analysts see as a bid to boost profits.
The company already trades electricity in the UK, French, German and Benelux markets. The plant has been renamed VPI Immingham, Vitol added.