The Canadian oil and gas giant Vermilion Energy will have to pay around €140 million under a windfall gains tax imposed on the energy sector, the Commercial Court has been told. The Corrib Gas majority stakeholder has launched legal proceedings against the Government, claiming it will “suffer significant monetary loss” over its implementation of EU rules to tax windfall gains in the energy sector following recent sky-high energy prices.  Vermilion Energy is the operator and majority shareholder of the Corrib gas field off the coast of Co Mayo. It is Ireland’s only supply of indigenous natural gas, making the energy…

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