The European Commission has approved the buyout of BP’s North Sea pipelines by INEOS.
That includes the Forties Pipeline System (FPS) – which links 85 oil and gas assets to the UK mainland and to the Kinneil terminal in Grangemouth, Scotland – and associated facilities.
INEOS has agreed to pay up to $250 million (£191m) for the business, with half up-front and half over the next seven years.
The Commission concluded the proposed acquisition would raise no competition concerns because of its limited competitive impact on the market.
INEOS will own and operate the Kinneil terminal, a gas processing plant, the Dalmeny terminal, various sites in Aberdeen, the Forties Unity Platform and other associated infrastructure.
The Commission also recently cleared INEOS’ purchase of DONG Energy’s oil and gas business.