Global chemicals and oil group Ineos has announced plans to invest £1bn (€1.2bn) to keep its British operations running beyond their lifetime. In particular, £500m (€600m) will be dedicated to extend the operational life of the Forties Pipeline System (FPS) by at least 20 years, into the 2040s. The funds will be allocated for the purpose of upgrading its environmental systems.
The Forties pipeline was originally built to transport 1 mb/d from the Forties field in the 1970s but currently has a shipment capacity of 600,000 bbl/d. It is the North Sea largest and oldest pipeline and delivers about 40% of the UK's offshore oil and gas production to the mainland. It transports oil from the Unity offshore platform to the onshore terminal at Cruden Bay (Aberdeen), down to the Kinneil terminal near the Grangemouth oil refinery (belonging to Ineos). Ineos purchased the asset from BP along with the associated terminals in April 2017 for a total consideration of US$250m.
Besides, about £350m (€409m) will be invested at the 200,000 bbl/d Grangemouth refinery for the development of a new steam and power plant.