07/02/2024
Gabrielle ,
Today, the oil giant behind Rosebank Equinor announced it made a staggering £29 billion in profits last year. Yet, this Norway state-owned oil giant will effectively be handed a £3 billion tax break to open the disastrous Rosebank oil field in the UK North Sea.
Thanks to generous tax breaks, the UK public will effectively cover 91% of the costs of developing the Rosebank oil field. Rosebank is mostly oil for export, so won’t lower bills for UK households.
Equinor also happens to be Britain’s biggest gas supplier. While the world burns, and millions of UK households struggle with soaring energy costs, Equinor and Norway make obscene profits from pouring more fuel on the fire. And we will be footing the bill.
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