EU lawlessness forces Exxon Mobil to go to court
2022.12.28 12:18
EU lawlessness forces Exxon Mobil to go to court
Budrigannews.com – Exxon Mobil Corporation, a major US oil company, is suing the European Union, claiming that Brussels acted outside of its legal authority by imposing the windfall tax on oil companies.
Exxon spokeswoman Casey Norton stated on Wednesday that the windfall profits tax is “counter-productive,” discourages investments, and lowers investor confidence. He stated that when considering future multi-billion-euro investments in Europe’s energy supply and transition, Exxon will take the tax into account.
Norton stated, “Whether we invest here depends primarily on how attractive and globally competitive Europe will be.”
The lawsuit was first reported on Wednesday by the Financial Times.
In a conference call with analysts on December 8, Chief Financial Officer Kathryn Mikells said that Europe’s windfall profit taxes could cost at least $2 billion by the end of 2023.
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In the past ten years, Exxon said it had invested $3 billion in European refinery projects. The tasks are assisting it with conveying more energy items when Europe battles to lessen its imports from Russia.
“We will keep on working with EU pioneers to resolve these issues. “A thoughtful policy is essential,” the business stated.
