BP TO SELL FORTIES PIPELINE SYSTEM TO INEOS

[idpickering]

"BP today announced it has agreed to sell its Forties Pipeline System (FPS) business, with assets including the main Forties offshore and onshore pipelines and other associated pipeline interests and facilities, to INEOS.



Subject to partner, regulatory and other third party approvals, operatorship of the FPS assets and business will transfer on completion from BP to INEOS. The sale will not affect BP's existing rights to capacity in FPS. Under the terms of the agreement INEOS will pay BP a consideration of up to $250 million for the business, comprising a cash payment of $125 million on completion and an earn-out arrangement over seven years that totals up to $125 million.



BP group chief executive Bob Dudley commented: "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. "

Full item here;

http://www.investegate.co.uk/bp-plc--bp ... 21493077B/

Moderator Message:
There is a thread on this over on the Oil & Gas forum.

INEOS buying Forties pipeline?

Will lock this topic so uplates on referenced link please. Raptor.