Germany is leading a coalition of six European countries to urge the European Union to impose a windfall tax on oil companies, notably targeting French group TotalEnergies, whose potential tax bill is estimated between 500 million and 1 billion euros. TotalEnergies reported 11.2 billion dollars in net profits for the first half of the year, up 73 percent year-on-year, with over 1 billion euros generated in Europe. Its CEO Patrick Pouyanné has threatened to end fuel price caps at its service stations if this tax is adopted. The decision will be examined during the European finance ministers’ summit in Dublin on September 18 and 19, with a possible use of Article 122 of the EU Treaty to avoid unanimity. This offensive comes amid mounting tensions between Paris and Berlin, already facing disagreements on defense, space, and nuclear energy.
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