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Cyprus Invests €10 Million To Empower Agricultural Sector

by THEFUTURE.TEAM

August 13, 2024

Cyprus is making a substantial investment of €10 million to bolster its agricultural sector, aiming to modernize and enhance the sustainability of rural economies. This initiative, which provides substantial subsidies to farmers and producers, focuses on critical areas such as infrastructure development, the adoption of innovative and energy-efficient technologies, and the promotion of organic farming practices. The government’s goal is to increase productivity, improve the competitiveness of Cypriot agricultural products, and ensure the long-term viability of the sector.

The program is particularly focused on fostering innovation within the sector. By supporting the adoption of new technologies, such as advanced irrigation systems and precision farming tools, the initiative aims to optimize resource use and increase yields. This technological upgrade is expected to not only boost productivity but also reduce the environmental impact of farming practices, aligning with broader sustainability goals.

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In addition to technological improvements, the investment also seeks to support the development of organic farming, which has been identified as a key growth area for Cypriot agriculture. By promoting organic practices, the program aims to meet the rising demand for high-quality, environmentally friendly products both domestically and in international markets. This focus on organic farming is part of a larger trend towards sustainability in agriculture, which is increasingly being recognized as essential for long-term economic and environmental health.

The investment is also designed to support the social fabric of rural areas. By providing financial incentives and support for young farmers, the government hopes to encourage a new generation to enter the agricultural sector, countering the trend of rural depopulation. This is critical for maintaining the vitality of rural communities and ensuring that Cyprus’s agricultural traditions continue to thrive.

Furthermore, this initiative is expected to create a ripple effect across the economy. By enhancing the agricultural sector’s productivity and sustainability, the program will likely lead to increased exports of Cypriot agricultural products, boosting the island’s economy. The government’s strategic focus on agriculture as a key economic driver underscores the sector’s importance to Cyprus’s overall economic development.

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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.