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New Tax On Oil Companies

category international | consumer issues | other press author Wednesday August 01, 2007 11:04author by Greenie Report this post to the editors

The government has announced a new tax for oil and gas finds

The new tax wont apply to the Corrib find, but will apply from today on any new licences granted to oil and gas companies.
You can hear minister Ryan speak on morning Ireland here............ http://www.rte.ie/news/2007/0801/environment_av.html?22...l,209

author by Shell to Sea'erpublication date Wed Aug 01, 2007 14:32author address author phone Report this post to the editors

The people of Ireland still won't own any of our natural resources, and the economic model proposed effectively means that licence holders (Shell and the rest) will own our oil and gas, and if they sell it at a profit, they might have to give us some money if they can't figure out a tax dodge.

They already have lots of licences that they got under the old terms, and the likely scenario is that some of the energy companies will now take licences at the new terms and then next year hand them back saying they can't make any profit on them. Setting themselves up nicely for an even bigger bite of our resources.

If Ryan meant business he could have made the terms retro-active beyond Jan 2007, or even better, set up a state company which automatically becomes a partner in any oil and gas exploration of what are, after all, the state's own resources. But he didn't.

Now he has a PR fig leaf to hide behind, and Shell can muddy the waters about the environmental impact of the disasterous precedent they are setting down in Bellanaboy.

author by Maor olapublication date Thu Aug 02, 2007 10:10author address author phone Report this post to the editors

25% of nothing is nothing.
40% of nothing is still nothing.
Why no royalties?

author by Shell to Seapublication date Thu Aug 02, 2007 14:38author address author phone Report this post to the editors

Micheál Ó Seighin of the Rossport Five on the new measures announced by Minister Ryan yesterday:

http://www.indymedia.org.uk/en/2007/08/377494.html

Related Link: http://www.indymedia.org.uk/en/2007/08/377494.html
 
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