Commodities trading firm Vitol Group Friday said it has agreed to buy U.K.-based Immingham Combined Heat and Power, marking its first power plant purchase.

The 1,220 megawatt plant, located in North Lincolnshire , will be acquired from refiner Phillips 66. The plant supplies 2% of U.K. 's electricity demand, and provides steam and electricity to Phillips 66's Humber refinery.

Ian Taylor, president and chief executive of Vitol, said in a statement: "Immingham CHP is a high quality power plant with a highly skilled and experienced workforce...We are delighted to add it to our portfolio."

The deal marks the first foray into power station ownership for Vitol. The company already owns oil terminals in several countries, as well as three refineries in Belgium , Switzerland and the United Arab Emirates .

Trading companies have increasingly begun to acquire physical assets connected to their trading businesses.

A spokeswoman for Vitol said that there were no plans to acquire the refinery from Phillips 66.

The acquisition of the Immingham plant involves Vitol buying the entire issued share capital of Phillips 66 Power Operations Ltd, the company that legally owns it. The company didn't disclose financial details, saying they are confidential.

The Vitol Group was founded in Rotterdam , in 1966, and says it is the world's largest independent energy trader, trading over 5 million barrels of crude oil and oil products a day.
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