Mar 16, 2017
BP in talks to sell North Sea pipeline to Ineos
Ineos, the UK petrochemicals group, is in talks with BP to buy the Forties pipeline system, one of the most strategically important pieces of infrastructure in the North Sea. Ineos depends on the Forties pipeline for supplies to its Grangemouth refinery, on the banks of the Firth of Forth, which it bought from BP in 2005 and which remains Scotland's biggest industrial facility. A sale of the pipeline system would complete BP's withdrawal from assets that once formed the heart of its operations after North Sea oil production took off in the 1970s. BP confirmed in a brief statement that it was "In discussions with Ineos regarding a potential sale of the Forties pipeline system" but gave no further details on valuation of the asset or the timetable for a possible agreement. A deal would mark the latest step in BP's efforts to sell older North Sea assets and highlight the wider retreat by the biggest oil and gas groups from one of the world's most mature and high-cost offshore basins.
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