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Cyprus Ministry Unveils €14 Million Digital Upgrade Scheme for Businesses

Boosting Digital Transformation in Cyprus

The Cyprus Ministry of Energy, Commerce and Industry has announced a major push to foster digital enhancement among local businesses. As part of the national initiative, Thaleia 2021–2027, a fresh round of the business digital upgrade scheme is now open for proposals.

A Hefty Investment in Technology

With a robust budget of €30 million dedicated to the scheme through this period, €14 million has been earmarked for the latest call for proposals. This initiative reflects the government’s commitment to integrating digital technologies in enterprise operations, primarily targeting businesses operating under the Republic of Cyprus’s supervision.

Important Dates and Application Details

The submission window opens on May 20, 2025, at 09:00, remaining open until funds are depleted. Prospective applicants can find the application guide, necessary documents, and submission form here. For further inquiries, contact the ministry at 22867282, 22867284, or 22867149.

Get Inspired

Curious how digital evolution aligns with Cyprus’s broader technological and entrepreneurial strategies? Dive into our coverage on how AI is paving the way for innovation.

Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

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.

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