CYPGasTech 2014 exhibitor e-directory CYPGasTech 2014, Limassol, Cyprus | Page 7

Ladies and Gentlemen, Nowadays the hydrocarbon exploration and exploitation field de facto monopolies public discussions. This is an area that requires careful and well-considered management, since the rational exploitation of hydrocarbons in the Cyprus EEZ can contribute greatly to the economic development of the country. Therefore besides the strategic objective of the Government to exploit our indigenous gas reserves, we have also focused on the development of the medium-term prospects that are generated. Obviously this is a key sector as far as the future of our country is concerned. For example, these relate to the increased interest that we are receiving for establishing companies in Cyprus providing logistic services to the oil and gas industry. There have already been published, I think, enough about the contacts and agreements we have achieved with neighbouring countries, but also with companies and joint ventures operating in Cyprus EEZ. However, I must point out, once again, the central role of Cyprus in the creation of the necessary regional cooperation. Indicatively I note both the Memorandum of Understanding signed with Jordan to cooperate in the areas of Renewable Energy and Hydrocarbons, and the ratification from the Egyptian Government of the important Agreement concluded for the development of cross median line Hydrocarbon resources, i.e. the limit of the EEZ of the two countries The announcement of a discovery of substantial quantities of natural gas in Exploration Block 12 by Noble Energy International Ltd at the end of 2011 and the performance of production testing procedures in last year, which resulted to the conclusion that “Aphrodite” structure represents the third largest field discovered to date within the deep-water Levantine Basin, constituted a historic milestone for the country. In addition, Cyprus, exercising its sovereign rights derived from the international law and conventions, succeeded in involving large oil companies, such as Eni, Total and Kogas, in the offshore hydrocarbon exploration activities. Currently there is an ongoing research drilling project by the consortium ENI / Kogas which is expected to last for at least 12 months. The results of these new wells will be a catalyst for determining the next move. Ladies and Gentlemen, In closing, let me say that the Government, amid the difficult conditions we are experiencing, continues its efforts to promote Cyprus as a safe investment destination and a reliable business centre of activity for foreign companies. Especially after the discovery of hydrocarbons in the Cyprus EEZ, foreign investors began to show great interest in investing in our country. Already our actions seem to have brought the first tangible results - from June to August 2014 registrations of new companies increased by 13%. Again, I wish the organizers and the exhibitors every success in this important exhibition. Thank you for your attention. 2/2