May 22, 2022
Eni plans €2.5bn UK investment as calls for energy windfall tax grow
Italian oil major Eni plans to spend at least €2.5bn in the UK over the next four years as the government demands oil and gas companies significantly increase investment in Britain's energy system or face a windfall tax on their soaring profits. UK chancellor Rishi Sunak is coming under increasing pressure from MPs to impose a windfall tax on energy groups to help households struggling with soaring energy bills. Eni told the Financial Times: "In line with OEUK we believe that it would be best to ensure energy companies speed up investments in the energy transition rather than imposing a windfall tax which might have the effect of slowing down future investments." Given the comparatively high existing tax rate, some industry executives have questioned how much more revenue a windfall tax would raise, particularly as they expect it could apply only to producers' UK earnings. They have not disclosed what proportion of those revenues were generated in the UK but Shell has paid no tax in the UK for four years because of tax refunds related to the decommissioning of old oil platforms.
Related companies
Make a complaint about Shell by viewing their customer service contacts.
