Sir Jim Ratcliffe has blamed the "profound impact" of UK carbon taxes and energy prices as Ineos' Grangemouth plant racked up more than £1billion in losses in two years.
The latest accounts for Ineos' chemical works reveal it made a pre-tax loss of £431million in 2024, and £600million the year before.
Similar losses are expected when its 2025 accounts are published, The Telegraph reports.
The latest accounts come less than two weeks after Sir Keir Starmer allocated £120million to Ineos to help keep the chemicals plant - along with its 500 staff - afloat.
However, it is still heavily reliant on support from its parent company Ineos Industries to remain operational.
In the report publishing the latest accounts, Ineos directors including Sir Jim highlighted that tax and energy costs meant plant struggled to compete with rivals overseas.
The report said: “Revenue dropped by €100million (£87million) year-on-year as demand for the business’ products declined as a result of reduced consumer demand and cheaper imports into Europe being available, particularly from the US.”
It added: “Our US competitors benefit from lower energy costs – which are four to five times lower than those in the UK – and face no carbon taxes when they import products to the UK.
“These issues had a profound impact on the business due to the group’s high steam and power demand, and its significant exposure to natural gas prices and high UK carbon taxes.”
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