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Cyprus Requests Fourth Tranche Under Recovery And Resilience Facility

by THEFUTURE.TEAM

July 4, 2024

Cyprus has officially submitted a request for the fourth tranche of funding under the European Union’s Recovery and Resilience Facility (RRF). This development signifies a crucial step in the country’s ongoing efforts to revitalise its economy in the wake of the COVID-19 pandemic, aligning with broader EU objectives to foster sustainable growth, innovation, and resilience across member states.

The RRF, a cornerstone of the EU’s €750 billion NextGenerationEU plan, aims to mitigate the economic and social impact of the pandemic while setting the stage for a greener, more digital, and resilient future. Cyprus’ request for the fourth tranche underscores its commitment to these goals and reflects the progress made in implementing the reforms and investments outlined in its national Recovery and Resilience Plan (RRP).

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Since the approval of its RRP, Cyprus has been actively leveraging the funds to address key areas such as digital transformation, green energy, and healthcare. The request for the fourth tranche, valued at approximately €200 million, will be directed towards furthering these initiatives, ensuring that the island nation remains on track with its recovery roadmap.

The Cypriot government’s strategy includes significant investments in renewable energy projects, aiming to reduce the country’s carbon footprint and enhance energy independence. This focus on green energy is not only aligned with the EU’s climate goals but also critical for Cyprus, which faces unique challenges as an island nation dependent on imported energy. The RRF funds are being utilised to bolster solar power infrastructure, improve energy efficiency in buildings, and support the transition to sustainable mobility.

In addition to green initiatives, digital transformation is a core pillar of Cyprus’ RRP. The fourth tranche will fund projects aimed at enhancing digital infrastructure, promoting e-governance, and fostering digital skills among the population. These investments are crucial for modernising the public sector, boosting the competitiveness of Cypriot businesses, and ensuring that citizens are equipped to thrive in an increasingly digital world.

Healthcare is another priority area, with the pandemic highlighting the need for robust and resilient health systems. The funds from the fourth tranche will support the enhancement of healthcare infrastructure, the adoption of innovative technologies in medical services, and the improvement of overall public health preparedness. These measures are designed to ensure that Cyprus can effectively respond to future health crises and provide high-quality care to its residents.

The request for the fourth tranche also highlights the importance of social and economic reforms. Cyprus is committed to improving its labour market, education system, and social welfare programs. These reforms are aimed at fostering social cohesion, reducing inequalities, and creating a more inclusive society. The RRF funds provide the necessary financial backing to implement these transformative changes, ensuring that the benefits of recovery are widely shared.

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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.