Jackdaw Approval is Welcome but Tax Regime Needs Overhaul, INEOS Says
Dow Jones10-21 17:20
0920 GMT - Approving the offshore U.K. gas field Jackdaw is the right decision but it won't stop the damage being done to the North Sea oil and gas sector, an INEOS spokesperson says. Heavy taxes and delayed decisions are driving away investments that generate jobs, production and tax revenues, the chemicals manufacturer says. Maintaining the 78% tax on U.K.-derived oil and gas profits in the upcoming budget will compound the challenge, the spokesperson says.
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