BP has agreed the sale of the oldest and largest North Sea oil pipeline to chemicals giant Ineos for $250 (£200m) after the pair confirmed the sales talks last month.

Ineos will pay $125m in cash upfront, and another $125m over seven years to secure supply of oil feedstock for its Grangemouth refinery.

The 100 mile long Forties pipeline transports 450,000 barrels of oil every day, of which 20pc flows to Ineos’ Grangemouth refinery where it produces 80pc of Scotland’s energy.