Ineos has completed the acquisition of the Forties Pipeline System (FPS) from BP for £199 million.

The deal will see the chemicals multinational take ownership of the 235-mile pipeline system, which links 85 North Sea oil and gas assets to the UK mainland and the INEOS site in Grangemouth, Scotland.

The deal, which also includes the Kinneil Terminal, will see around 300 staff members transfer to the newly-formed Ineos FPS business.

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Overall, the deal will see the company take control of a system that delivers almost 40% of the UK's Sea oil and gas output.

Andrew Gardner, Chief Executive Officer of Ineos FPS, said: "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.

"We will bring our focus and proven track record on safety, reliability and excellence in operations and apply them throughout the FPS business."

(LM)