The pipeline, located in the North Sea, links 85 North Sea oil and gas fields to the UK mainland, as well as to the Ineos site in Grangemouth, Falkirk.
The FPS employs around 300 staff at Kinneil, Falkirk, Dalmeny, Aberdeen and offshore.
In addition, , the Kinneil terminal and gas processing plant, the Dalmeny terminal, sites at Aberdeen, the Forties Unity Platform and associated infrastructure will all transfer to Ineos upon completion of the deal.
BP group Chief Executive Bob Dudley said: "BP is returning to growth in the North Sea as we bring important new projects, including the Quad 204 redevelopment and Clair Ridge, into production and increase new exploration. While the Forties pipeline had great significance in BP's history, our business here is now centred around our major offshore interests west of Shetland and in the Central North Sea.
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"The pipeline has long been an important feedstock supplier to INEOS at Grangemouth. We believe that through also owning FPS, INEOS will be able to realise greater integration benefits and help secure a competitive long-term future for this important piece of UK oil and gas infrastructure."
Ineos Chairman and Chief Executive Officer, Jim Ratcliffe, said: "The North Sea continues to present new opportunities for Ineos. The Forties Pipeline System is a UK strategic asset and was originally designed to work together to feed the Grangemouth refinery and petrochemical facilities.
"We have a strong track record of acquiring non-core assets and improving their efficiency and reliability, securing long term employment and investment. I am delighted that we can now bring this integrated system back under single ownership in Ineos."
(LM/MH)
