Ineos, the petrochemicals giant whose Grangemouth refinery in Scotland has been shut down by a strike, is in talks with British Energy over a power deal that would help to finance a new generation of nuclear power stations in Britain.

The company – majority-owned by the reclusive billionaire Jim Ratcliffe, ranked No 25 in today’s Sunday Times Rich List – has been in negotiations with the nuclear power firm for several months.

If a deal is clinched, Ineos will buy power from British Energy’s new nuclear reactors, receiving guaranteed supplies at discounted prices.

British Energy would then be able to raise debt against the contract to build new plants, which cost about £3 billion each.

Several other large industrial companies are also involved in talks about a possible deal, according to industry sources.

The process comes amid the continuing auction of British Energy, which is descending into a four-way battle between EDF, RWE, Suez and E.on.

Tom Crotty, a director of Ineos, said: “The basic idea is that one or more of the new nuclear plants would be funded by big energy users.

“British Energy has been running a process for some time. We have been talking to them and registered an interest as part of that process,” said Crotty.

The latest accounts due to be filed by Ineos at Companies House reveal the company’s pretax profits surged 140% last year to €470m (£370m). Ineos paid dividends of almost £20m.

The company is one of the biggest power users in the country. Its chlorine and PVC plant in Runcorn, Cheshire, consumes more power each day than the entire city of Liverpool.

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