Ineos aims to restart Forties pipeline tonight after it unexpectedly shut

 
Courtney Goldsmith
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The Grangemouth oil refinery west of Edi
The Forties pipeline system is one of the oldest and largest in the North Sea (Source: Getty)

Chemicals giant Ineos plans to reopen the huge Forties pipeline system tonight after it unexpectedly shut this morning.

The company confirmed that a feed control valve connecting the Kinneil gas plant to the pipeline closed at 10.20am, triggering an automatic shutdown of the main pipeline system.

"We have now identified the issue that caused this and are hoping to resolve it this evening. We then plan to start-up again overnight," a spokesperson said.

This is the second time the pipeline for the world's main oil benchmark has shut down in recent months.

In December, Ineos was forced to shut the pipeline, which pumps out around 450,000 barrels of oil per day, and declare a force majeure due to a cracked pipe. Oil prices rose as the pipeline remained shut for weeks.

Following the closure today, British wholesale gas prices for immediate delivery were up six per cent at 54p per therm.

Ineos completed a deal to buy the pipeline from BP in November last year.

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