Grangemouth refinery operator Ineos said it completed the acquisition of the North Sea Forties Pipeline System (FPS) and Kinneil Terminal from BP.

“The completion of the deal consolidates Ineos’ position as a Top 10 company in the North Sea and the largest privately owned exploration and production business operating in the energy basin,” said Ineos.

“The FPS business is a natural fit for Ineos.

“Now with the responsibility for a strategic UK asset that delivers almost 40% of the UK’s North Sea oil and gas output, Ineos has further strengthened its long term oil and gas activity.”

The 235-mile pipeline system links 85 North Sea oil and gas assets to the UK mainland and the Ineos site in Grangemouth.

About 300 workers have transferred to Ineos FPS Limited, a newly formed business that will be part of Ineos Limited.

Ineos FPS CEO, Andrew Gardner said: “This represents another very significant deal for Ineos.

“The acquisition reunites North Sea and Grangemouth assets under Ineos ownership.

“Ineos is now the only UK company with refinery and petrochemical assets directly integrated into the North Sea and this deal provides the platform to potential future offshore Ineos investments.”