Sir Jim Ratcliffe is the CEO and chairman of Ineos. Credit - Getty.

Petroineos, the energy trading company backed by Sir Jim Ratcliffe, lost $250m (£187.5m) in 2024 as it slumped into the red for the first time since 2020, it has been revealed.

The Jersey-based business has reported the pre-tax loss after posting a profit of $30m in 2023. The results for the previous financial year were only revealed in May.

According to Petroineos’ 2024 results , which have just been filed with Companies House , the firm’s revenue was also cut from $38.8m to $28.3m.

The accounts come after Petroineos announced the of its Grangemouth refinery, Scotland’s only oil such operation, after a century in operation.

In its latest set of results, the business blamed its losses on “depressed refining margi

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