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EU windfall tax sows 'seed of doubt' for fossil fuel company investments-Repsol CEO

Stock Markets Oct 27, 2022 15:52
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© Reuters. FILE PHOTO: Repsol Chief Executive Officer Josu Jon Imaz delivers a speech during the company's annual shareholders meeting in Madrid, Spain, May 19, 2017. REUTERS/Paul Hanna
 
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MADRID (Reuters) - The European Union's temporary windfall tax on profits earned by fossil fuel companies "creates a seed of doubt" over their ability to invest in the sector, Repsol (BME:REP)'s Chief Executive Officer Josu Jon Imaz said on Thursday.

Speaking in a call with analysts, Imaz said that the Spanish oil and gas group was evaluating opportunities to shift some of its investing towards the United States.

"Sometimes, the European policymakers' approach is focused on banning and the American ones are focused on encouraging and giving opportunities under the principle of the technological neutrality," Imaz said.

The European Commission in September approved a temporary windfall tax as energy companies benefited from a surge in oil and gas prices following Russia's invasion of Ukraine in February.

Commenting on the natural gas supply crisis faced by Europe, Imaz said diesel fuel was becoming a "competitive substitute" for gas that could be used both for heating and power generation purposes.

Repsol earlier said it will raise its dividend and buy back more shares than previously announced after third-quarter net profit doubled.

EU windfall tax sows 'seed of doubt' for fossil fuel company investments-Repsol CEO
 

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JL Ragnarok
JL Ragnarok Oct 27, 2022 19:45
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Good point, the EU had always a policy of ruling through taxation, it will never promote entrepreneurship
 
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