CURRENT ISSUES – ISRAEL:Uncertainty Tax issues – too many changes (tax rates, retroactive taxation (the Sheshinski committee)) New laws & regulations (environmental laws/ the Zemach committee etc.) The security current situation (Iran? / Egypt (the gas pipe) / Syria and Lebanon)
Centralism Israel - 2 main companies Cyprus made an interesting movement – Korea (Kogas), France (Total), Italy (ENI), Russia (Gazprom), Israel (Delek) and US (Noble).
The Potential 2 Small local markets License to export (Zemach committee)• The result: on the valuation, on the risks, on raising funds, Investors & potential partners.
CyprusCyprus advantages : Part of the EU – European standards English common law Simple tax system Low tax rates (10% flat) Political situation – good Potential – huge gas reserves
THE FUTUREISRAEL – CYPRUS COOPERATION: More certainty for the industry More cooperation between Israel- Cyprus (economically/ security/ DTT, etc.) Cyprus will be the HUB for Israeli Gas to Europe
Subsidiary orBranch in Israel
LEVANT ENERGY LEGAL WHO WE ARE?• Group of legal professionals• The main goal is to assist International companies/ Investors and governmental units, who are active in the Oil, Gas and Energy sector in Israel – Cyprus.• The LEL GROUP includes worldwide legal professionals in the oil & gas sector, from Houston, NY, Israel, Cyprus, Singapore, etc.• www.levant-legal.com
2 Hanechoshet st., Tel-Aviv 69710 Israel Vassili Michaelides, 9 TEL: +972-3-5105002 3026, Limassol-Cyprus FAX: +972-3-5105025 P.O.Box 57048 3311 E-Mail: firstname.lastname@example.orgLevant Energy Legal Ltd brings strong capability to each client, focusing ondelivery of high quality legal advice with regard for the clients business andeconomic interests. www.pick-law.com, www.levant-legal.com