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Ineos, the UK petrochemicals group, is in discussions with BP to buy the Forties Pipeline System, one of the most strategically important pieces of infrastructure in the North Sea.
The Forties pipeline system is made up of about 100 miles of pipeline and transports around 450,000 barrels of oil a day — the equivalent of 40 per cent of UK production from the North Sea.
A spokesman for BP said:
BP can confirm it is in discussions with Ineos regarding a potential sale of the Forties Pipeline System. We remain committed to communicating openly with staff and our stakeholders as soon as we are able, and as commercial confidentialities allow, if any deal is confirmed or agreed.