BP has purchased a cogeneration power plant for $210 million to produce steam for the company's Whiting refinery in Indiana.
BP acquired the 525-megawatt natural-gas fired combined-cycle power plant, which utilizes heat from turbines that would typically be wasted in other power sources, from NiSource Inc.
The Whiting Clean Energy facility also will provide BP with the opportunity to sell lower-carbon power into the local power market.
"BP's purchase of the Whiting Clean Energy facility will enhance the efficiency of our Whiting refinery and serve as a reliable source of energy for the Midwest," said Bob Malone, BP America president and chairman, in a statement.
BP has received all necessary approvals from regulatory authorities. No staff reductions are expected as a result of the acquisition.
