"Ireland only taxes the profits of such enterprises [petroleum exploration and production]. There is no per unit tax or levy as in other countries and Ireland's tax rate is relatively low. The State also does not take an ownership stake in the field or demand royalties. Thus on this basis, Ireland's tax regime is generous in comparison to that of other countries. "
Shell's only argument for Corrib, is that it will give Ireland 'security of supply'. However, this requires that Ireland bids against buyers in other countries and pay the full international rate. If the international price of gas were to double over the next decade, then the price that Irish consumers pay for gas will double. In the current economic situation, the Irish State will be forced to borrow money to buy back gas that was given to Shell for free.”
