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Hovering fuel costs: TotalEnergies pronounces a brand new superprofit within the third quarter

Hovering fuel costs: TotalEnergies pronounces a brand new superprofit within the third quarter

Within the midst of a debate on the superprofits of oil and fuel corporations accountable for CO2 emissions, TotalEnergies introduced this Thursday a brand new file revenue within the third quarter, of 6.6 billion {dollars}, benefiting primarily from the surge in fuel costs for the reason that Russian invasion of Ukraine.

Eight days earlier than the opening of the COP27 worldwide local weather convention, the place power corporations are known as upon to scale back their greenhouse fuel emissions, TotalEnergies has introduced that it has made extra income in 9 months than final yr: 17, 3 billion {dollars} towards 16 billion in all in 2021. Within the third quarter, its revenue elevated by 43% in comparison with the identical quarter of 2021.

“A lot the higher”rejoiced the French Minister of the Economic system Bruno le Maire on the microphone of BFM Enterprise. “We must always all be proud to have a big power firm that’s French like Complete”, stated the Minister, emphasizing that his winnings made it attainable to “pay a gasoline low cost” to French motorists, and “to extend the salaries of Complete”.

The group has certainly introduced a thirteenth month for all its staff worldwide, and has simply signed an settlement to extend wages in France with two majority unions after a protracted strike in its refineries which continues to create gasoline shortages in French service stations.

TotalEnergies estimates it might pay a billion euros within the EU

TotalEnergies has additionally estimated at one billion euros the quantity of the brand new European solidarity contribution on the income of power teams that it must pay in six nations of the European Union, together with Belgium, in 2022 if it have been applied. utilized in every single place.

“We estimate the impression of the European solidarity tax at one billion euros” in 2022, stated the group’s monetary director Jean-Pierre Sbraire throughout a gathering with analysts after the publication of the group’s outcomes for the third quarter. “We can be impacted by this European solidarity tax in six nations in Europe: France, Germany, Belgium, Luxembourg, primarily on our refining actions, in addition to the Netherlands and Denmark” for exploration and manufacturing actions, the official stated.

Belgium and Germany could be the “primary beneficiaries”

Whereas the talk on the “superprofits” of oil and fuel corporations is in full swing in Europe, the European Fee indicated on the finish of September that it wished to demand a “short-term solidarity contribution” to the producers and distributors of fuel, coal and oil who’re making large income due to the surge in costs following the warfare in Ukraine. It have to be set at 33% of the share of the superprofits of 2022, i.e. income greater than 20% greater than the common for the years 2019-21, whereas considering the measures taken by the States taxing these advantages already.

The Fee took care to not use the phrase “tax” as a result of any new tax provision at European stage would have required the unanimity of the Twenty-Seven, a extra sophisticated and dangerous process than adoption by certified majority.

In accordance with economist Maxime Combes of the Observatoire des multinationales, Belgium and Germany could be the “primary beneficiaries” the European tax paid by TotalEnergies (between 256 and 409 million {dollars} for Belgium, and between 135 and 216 million {dollars} for Germany).

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