A global energy firm part-owned by billionaire Jim Ratcliffe is in talks with the government over the future of fuel supply.
It’s understood discussions between Petroineos and the Scottish and UK governments were prompted by a slump in oil demand. Talks are said to include an emergency loan, possibly as high as £500 million according to a report by broadcaster Sky News.
The firm is jointly owned by Ratcliffe’s Ineos Group - which has a huge base at Grangemouth - and Chinese state-owned company PetroChina.Petroineos trades crude oil and refined products across its Scottish and French bases, processing more than 420,000 barrels of crude oil a day.A spokesman for the company refused to discuss claims about a loan but said they are “taking
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