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
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