ExxonMobil warns EU laws could lead to Exodus from Europe
ExxonMobil, the U.S. energy company, will be unable to do business in Europe if the EU does not loosen a law on sustainability that penalises companies with fines up to 5% of their global revenue.
Woods has joined a chorus of energy producers outraged by the EU's law that requires businesses doing business within the EU to fix any human rights or environmental problems in their supply chain.
Woods said on the sidelines the ADIPEC conference in Abu Dhabi that it would be impossible for us to remain in Europe if we couldn't become a successful business.
He said: "It's confusing the language and, in my opinion, increasing the exposure, because it has increased the room for interpretive interpretation." Last month, the European Parliament decided to continue to negotiate changes to the legislation. The EU hopes to have the final changes approved by the end of the year.
QATARI OBLIGATIONS The United States and Qatar, the world's largest gas producer, called on European leaders to reconsider the legislation, saying it threatened Europe's reliable supply of affordable energy.
Qatar is a country in the Middle East.
Threatened to stop supplying Europe
Qatar supplies between 12% and 14% of Europe's LNG since Russia's 2022 invasion of Ukraine. Qatar has supplied between 12 and 14 percent of Europe's gas since the Russian invasion of Ukraine in 2022. ExxonMobil and other companies have demanded that the EU withdraw this policy completely, saying it will lead to European businesses leaving Europe.
NEGOTIATIONS OF IRAQ'S RETURN ExxonMobil has signed an agreement to assist Iraq in developing its Majnoon giant oilfield and expanding oil exports. This marks the return of the energy company to Iraq after two years.
Woods stated that there was still a lot to be done to determine the final parameters of this development, particularly in regards to how Exxon will be compensated.
Woods stated that the company will finalise an arrangement for profit sharing, which is in line with current industry practices. (Reporting and writing by Maha El-Dahan; editing by Tom Hogue).
(source: Reuters)