ExxonMobil has filed a lawsuit against the European Union (EU) over a windfall tax on energy companies announced in September, arguing that the move is “counterproductive” and will “undermine investor confidence.”
The Texas-headquartered oil and gas company announced the legal challenge against the bloc, which will be decided on by the European General Court, in a statement to media outlets on Dec. 28.
“Our challenge is targeted only at the counter-productive windfall profits tax, and not any other elements of the package to reduce energy prices,” a company spokesperson 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 statement added….