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Construction Industry Secures Collective Agreement Until 2027

by THEFUTURE.TEAM

July 30, 2024

In a significant development for the Cypriot construction industry, the collective agreement has been renewed until the end of 2027. The renewal follows the acceptance of a mediatory proposal by the social partners in the sector, including PEO, SEK, DEOK, and OSEOK. The Minister of Labour and Social Insurance, Yiannis Panagiotou, highlighted the agreement as a collective triumph of tripartite social cooperation, serving the public interest and benefiting all parties involved.

The agreement emerged from a proposal submitted by the Minister on 19 July, marking a successful negotiation process between trade unions and employers’ associations. Panagiotou emphasised that the agreement ensures labour peace within the construction industry, a critical factor for the sector’s growth and the stability of the Cypriot economy, especially in a volatile global environment.

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Key aspects of the agreement include the restoration of wage reductions from the past decade and the introduction of planned salary increases and benefits over the coming years. Additionally, specific actions are outlined to enhance wage convergence and tackle illegal and undeclared work effectively.

The Minister expressed gratitude to the leadership of the trade unions and employer organisations for their constructive collaboration, which is essential for implementing the agreement’s provisions. This cooperation is expected to improve labour relations and enhance the operational framework of the construction industry concerning labour issues.

The formal signing of the agreement is scheduled for 31 July 2024 at the Ministry of Labour and Social Insurance. This agreement marks a critical milestone in maintaining a stable and prosperous working environment in Cyprus’ construction sector, setting a precedent for other industries.

This renewal is anticipated to positively impact the construction industry, contributing to the broader economic stability and development of Cyprus. By ensuring fair wages and working conditions, the agreement aims to foster a productive and harmonious industrial environment, crucial for the island nation’s economic trajectory.

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Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.