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Exxon Mobil singled out for contribution to the growth of Cyprus’s economy in awards

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Oilfield Technology,

Exxon Mobil has been announced as a winner of the 2018 Invest Cyprus International Investment Awards, recognising the contribution of foreign investors to the growth of Cyprus’s economy.

The world’s largest publicly traded international oil and gas company said it was continuing hydrocarbons exploration on the island and plans to drill two back-to-back natural gas drillings later this year. Speaking at the ceremony, Jay Jackson, Europe/Caspian Exploration Manager, said that the potential of hydrocarbons in the East Med region and the country’s ‘stable financial and political environment’ made it an ideal investment location. Exxon Mobil’s activities in Cyprus include the supply, distribution and marketing of petroleum products through Esso-branded Service Stations on the island.

The Invest Cyprus International Investment Awards are presented to a selected group of foreign investors in Cyprus each year, as a token of appreciation towards their continuous support and confidence in Cyprus’ potential as an attractive business and investment destination. Congratulating the winners, the President of the Republic of Cyprus, Mr Nicos Anastasiades said: “It is a fact that a few years back, Cyprus made the headlines for all the wrong reasons. But since then, what has been achieved is nothing short of a remarkable recovery, confirming the resilience and strong foundations of the Cyprus’ economy and the excellent prospects of its key productive sectors.”

He added: “I would like to congratulate not only all the winners of this year’s awards, but also every single investor who has been a genuinely valuable ally to our vision of turning Cyprus into a world-class business hub and investment destination.”

Invest Cyprus Chairman Mr Michalis P. Michael said that the island was attracting increased interest from overseas investors, capitalising on its competitive advantages as well as the opportunities created by international developments, including Brexit.

“An ambitious reform strategy, as well as a series of targeted initiatives in selected markets and business audiences allowed us to stimulate investment interest in new and existing projects and sectors,” he said, “Especially in view of Brexit, we see even greater potential in promoting Cyprus as an attractive alternative destination for businesses.”

“Cyprus has recorded a growth rate of almost 4% in 2017, while macroeconomic forecasts show rates of more than 3% for the coming years. In a business-friendly environment, with a highly skilled and multilingual workforce, international businesses find the ideal environment here to invest, prosper and grow.”

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