Berlin: Exxon Mobil’s German and Dutch affiliates have filed a lawsuit against the European Union in an effort to block a new windfall tax imposed on oil companies, company spokesperson Casey Norton told Sputnik on Wednesday.
“Our challenge is targeted only at the counter-productive windfall profits tax, and not any other elements of the package to reduce energy prices,” Norton said. “This tax will undermine investor confidence, discourage investment, and increase reliance on imported energy and fuel products. European industries already face a very real competitiveness crisis and governments should be supporting the production of reliable and affordable energy.”
The Financial Times first reported earlier in the day that Exxon’s subsidiaries filed a lawsuit challenging the Council of the European Union’s legal authority to impose the tax on oil companies’ unexpected gains in revenue.
Exxon understands the hardship the energy crisis in Europe has on families and is working to increase energy supplies to Europe as the region struggles to reduce its energy imports from Russia, Norton said.
Over the last ten years, Exxon has invested more than $3 billion in major refinery projects in Europe and any future multi-billion Euro investments in Europe’s energy supply will depend on how stable the investment climate is in the region, Norton also said.
Exxon will continue to work with EU leaders to address these issues, Norton added.
