Ineos has completed the purchase of the Forties Pipeline System (FPS), including associated pipelines, plants and storage terminals, from BP.
Thw 235-mile pipeline system linked 85 North Sea oil and gas assets to the UK mainland as well as to the Ineos site in Grangemouth, Scotland. This system delivers almost 40% of the UK's North Sea oil and gas production.
Ineos now owns and operates FPS, the Kinneil gas processing plant and oil terminal, the Dalmeny storage and export facility, sites at Aberdeen, the Forties Unity Platform and associated infrastructure.
Andrew Gardner, CEO of Ineos FPS says: 'Our acquisition of the Forties Pipeline System and associated assets together with its highly skilled workforce is significant and strategic.
'It demonstrates Ineos' commitment to securing a competitive long-term future for this critical piece of oil and gas infrastructure and provides the platform to potential future offshore Ineos investments.'
This deal consolidates the company's position at a top ten company in the North Sea.
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