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Cyprus And Egypt Forge Strategic Alliance On Energy Development

Cyprus Energy Minister Michalis Damian traveled to Cairo to sign a framework agreement on developing natural gas fields in Cyprus’s Exclusive Economic Zone. Meetings take place on the sidelines of EGYPES 2026. The visit includes talks aimed at advancing cooperation with Egypt on gas production and export infrastructure.

Diplomatic Engagement In Cairo

Damian is scheduled to join President Nikos Christodoulides in a meeting with Egyptian President Abdel Fattah El-Sisi. The meeting focuses on the coordination of energy projects between the two countries.  Discussions take place during EGYPES 2026, an international energy event held in Cairo.

Framework Agreement For Energy Advancement

Damian is expected to sign the agreement with Egyptian Petroleum Minister Karim Badawi. The deal covers the development of offshore gas fields, including Kronos and Aphrodite. The agreement sets terms for cooperation on extraction, infrastructure, and potential export routes.

Key Industry And Strategic Roundtables

Alongside government talks, Damian is holding meetings with energy companies and international officials. Scheduled participants include Patrick Pouyanné, as well as representatives of BP and ExxonMobil. Discussions focus on investment, project development, and regional coordination. The minister also takes part in a roundtable on energy security and regional cooperation with officials from Egypt, Lebanon, and the European Commission, including Ditte Juul Jørgensen.

Strategic Business Engagements And Regional Collaboration

Separate meetings include talks with Osama Mobarez of the East Mediterranean Gas Forum. Discussions focus on coordination between member states and infrastructure planning. Additional meetings with industry representatives address potential investment and partnership structures.

Return And What Lies Ahead

Concluding a series of intensive engagements, Minister Damian is scheduled to return to Cyprus on Tuesday, March 31, 2026. This trip signifies not only a concrete step in enhancing Cyprus’s energy infrastructure but also a broader commitment to strengthening regional alliances and economic security.

Robust Cyprus Construction Activity Bolsters Vassilico Cement’s 2025 Performance

Vassilico Cement Works Public Company Ltd reported a net profit of €35.52 million for 2025, supported by strong construction activity in Cyprus. Company profit reached €34.99 million, reflecting higher revenues and improved operating performance.

Domestic Market Growth Driven By Cyprus Construction

Group revenue rose to €152.75 million, while company revenue reached €152.66 million, up 11% year on year. Growth was driven by increased sales volumes in the domestic market, where construction activity remained strong throughout the year.

Enhanced Production Efficiency And Cost Management

Gross profit increased to €50.30 million at group level and €50.21 million at company level, compared with €42.49 million in 2024. The improvement reflects gains in production efficiency and cost control, supported by higher use of alternative fuels and improved electricity efficiency. These measures reduced unit costs while supporting environmental targets.

Executive Insights And Macroeconomic Outlook

Executive Chairman Antonis Antoniou said strong domestic demand supported production volumes, with the company maintaining focus on the local market and managing exports selectively. He added that favorable economic conditions in Cyprus contributed to performance, despite regulatory pressures in Europe and broader geopolitical uncertainty.

Navigating Energy And Regulatory Challenges

Future performance will be influenced by energy market volatility and European climate policy, including carbon pricing and the Carbon Border Adjustment Mechanism. Rising fuel and electricity costs continue to affect energy-intensive industries.

The company is expanding its renewable energy capacity, with a photovoltaic park reaching 16MW and plans for an additional 8MW, subject to grid connection. The investments aim to improve cost stability and energy efficiency.

Shareholder Returns And Strategic Investments

The board approved an interim dividend of €0.15 per share, totaling €10.79 million, on September 25, 2025. A final dividend of €16.55 million, or €0.23 per share, will be proposed. Combined, total dividends amount to €27.34 million, or €0.38 per share.

Management said the company will continue focusing on efficiency, cost control and sustainability as it navigates energy market pressures and regulatory requirements.

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