Ineos energy venture seeking up to £500m of emergency government loans

Petroineos has been affected by the slump in oil demand

Ineos owner Jim Ratcliffe (Photo by Michael Steele/Getty Images)

(Image credit: Getty Images)

Petroineos, an energy business part-owned by Jim Ratcliffe, is looking to secure up to £500m in government loans amid low oil demand, which was triggered by the coronavirus pandemic.

The energy company is jointly owned by Ratcliffe's Ineos Group and a state-owned Chinese company called PetroChina. Petroineos, which is based at Scotland's only oil refinery near Falkirk, and has been discussing a loan package worth hundreds of millions of pounds with the UK and Scottish governments.

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