Major deal for Ineos

Ineos owner Jim Ratcliffe
Ineos owner Jim Ratcliffe

Ineos has completed its purchase of the Forties Pipeline System (FPS) in the North Sea.

The 235-mile series of pipelines connects the 85 North Sea oil and gas assets to the refinery in Grangemouth.

The deal has strengthened the company’s standing as the largest privately owned exploration and production business operating in the energy basin and will now be responsible for delivering almost 40 per cent of the UK’s North Sea oil and gas output.

Ownership of the Kinneil gas processing plant and oil terminal, the Dalmeny storage and export facility, and sites at Aberdeen have all transferred over. About 300 people are employed across the sites.

Ineos FPS chief executive Andrew Gardner described the purchase as a “very significant deal” for the group.