LONDON
BP agreed to sell the Forties pipeline, one of the most important pieces of oil infrastructure in the UK North Sea, to Ineos AG for $250 million (Dh917.5 million).
Ineos will make a cash payment of $125 million on completion and transfer a share of future earnings up to $125 million over seven years, BP said in a statement Monday. The London-based oil producer will retain rights to use the pipeline system’s capacity. The two companies confirmed last month they were in discussions for the pipeline, which transports crude used to set the price of Dated Brent, the benchmark for more than half the world’s oil.
