Breaking news

Cyprus Extends Measures To Mitigate Rising Living Costs

by THEFUTURE.TEAM

June 20, 2024

The Cypriot government has approved an extension of financial measures aimed at alleviating the high living costs faced by households and businesses. This decision, spearheaded by Finance Minister Makis Keravnos, underscores the government’s commitment to addressing economic challenges exacerbated by the summer climate.

Key Measures and Financial Implications

The primary measure is the continuation of a staggered subsidy on electricity consumption from July to October 2024. This subsidy, targeting domestic, commercial, and industrial consumers, fully covers the increase in electricity prices for vulnerable groups. The cost of this extension is estimated at €12 million, benefitting 400,000 households and 100,000 businesses.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Additionally, the government has prolonged the application of a zero VAT rate on essential items until the end of September, costing approximately €11 million. These measures are part of a broader strategy to support citizens amidst escalating costs.

Government’s Fiscal Prudence

Government Spokesperson Konstantinos Letymbiotis highlighted the administration’s responsible fiscal policies, which have positioned Cyprus as an attractive investment destination. The prudent management of finances has enabled the implementation of targeted measures to significantly enhance the quality of life for its citizens.

Future Directions

Looking ahead, the government aims to address long-term energy challenges, focusing on sustainable solutions like the green transition. This forward-looking approach not only aims to stabilise current economic conditions but also to ensure a resilient and sustainable future.

The Future Forbes Realty Global Properties

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.