Oil giant BP is in talks with chemicals group Ineos over the sale of the North Sea's largest pipeline.
BP's Forties Pipeline System (FPS) transports about 450,000 barrels of oil per day on average - about 40% of UK production.
The pipeline is one of the oldest in the sector, having started operating in the Forties field in 1975.
BP and Ineos did not give further details about the discussions, citing commercial confidentiality.
In a statement, the oil giant said: "BP can confirm it is in discussions with Ineos regarding a potential sale of the Forties Pipeline System.
"We remain committed to communicating openly with staff and our stakeholders as soon as we are able, and as commercial confidentialities allow, if any deal is confirmed or agreed."
Ineos also released a statement, confirming it was in talks with BP. It added: "At the moment the details of these conversations are confidential and we cannot say any more at this stage."
The FPS system carries oil from the unmanned offshore Forties Unity platform to an onshore terminal at Cruden Bay in Aberdeenshire.
From there it transports oil about...Read more...