www.levant-legal.com

INTRO

OIL &GAS - LONG - TERM INVESTMENTS

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.

Cyprus

Cyprus 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 FUTURE

ISRAEL – 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

Tax issues

Subsidiary or

Branch 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

Levant Energy Legal Ltd brings strong capability to each client, focusing on

delivery of high quality legal advice with regard for the client's business and

economic interests.

www.pick-law.com, www.levant-legal.com

2 Hanechoshet st., Tel-Aviv 69710 Israel

TEL: +972-3-5105002

FAX: +972-3-5105025

E-Mail: office@pick-law.com

Vassili Michaelides, 9

3026, Limassol-Cyprus

P.O.Box 57048 3311