Britain's richest man joins other energy industry bosses in criticising the level of tax placed on North Sea oil operations.
support schemes for households and businesses while maintaining incentives to invest to bolster UK energy security.in response, argued that the tax rate is too punitive.
"The UK has hiked the tax take in the North Sea from 40% to 75% and we are now seeing many operators pausing or cancelling their investment plans."The big winners are in the US where operators in the Gulf of Mexico can pay just 37% tax and investment is at its highest level for a decade.""There has been no thought given to the long-term consequences of this 'tax it to death' move.
The Forties pipeline system, which carries the equivalent of 575,000 barrels per day from 85 fields to its processing facility at Grangemouth, is currently seeing investment of up to £1bn, Ineos said. It explained that the network was being upgraded to"ensure it remained fit for purpose until the 2040's".
But the group said that the money was dependent on the North Sea basin remaining a viable oil and gas hub.Read more business news:
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
Ineos warns UK is taxing North Sea ‘to death’\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Læs mere »
Ineos warns UK is taxing North Sea ‘to death’\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Læs mere »
Fans dub Kevin Sinfield 'Sir' after he emotionally carried Rob Burrow over finish lineFans have called for Kevin Sinfield to be knighted after he carried his teammate Rob Burrow over the finish line in the Leeds marathon. Burrow, a Leeds Rhinos legend, was diagnosed with Motor Neuro…
Læs mere »
Sir Keir Starmer says 'it feels wrong' EU citizens can't vote in general electionsSir Keir Starmer has confirmed that Labour is 'looking at' lowering the voting age to 16 and allowing EU nationals who have settled in the UK to vote in general elections.
Læs mere »
Davina McCall and Sir Salman Rushdie win at British Book AwardsMenopausing is Book of the Year and Salman Rushdie gets a special accolade at British Book Awards
Læs mere »
Man inspired by TV drama to become officer at HMP WhattonJim Stafford says he switched careers after watching Time, starring Sean Bean and Stephen Graham.
Læs mere »