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ExxonMobil Challenge EU Windfall Tax on Excess Energy Profits

ENERGY

ExxonMobil has launched a legal challenge against the EU windfall tax on oil and gas company profits according to a spokesperson on 29 Dec.

  • "This tax will undermine investor confidence, discourage investment, and increase reliance on imported energy and fuel products," ExxonMobil said in a statement.
  • "European industries already face a very real competitiveness crisis and governments should be supporting the production of reliable and affordable energy… We will continue to work with EU leaders to address these issues. Thoughtful policy is critical."
  • In September EU ministers agreed a "solidarity contribution" on excess energy profits. The proposal is for a levy of at least 33% collected on 2022 energy company profits over 20% above the previous three year average profits.
Energy BulletsCommodities
Energy BulletsCommodities

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