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Economic Sentiment In Cyprus Sees Modest Improvement In June

by THEFUTURE.TEAM

June 28, 2024

In June 2024, Cyprus experienced a slight improvement in economic sentiment, with the Economic Sentiment Indicator (ESI-CypERC) rising by 0.6 points compared to May. This uptick was largely driven by stronger consumer confidence and a minor boost in business confidence within the service sector.

According to the Economic Research Centre of the University of Cyprus, the Service Confidence Indicator improved due to better assessments of recent business performance and turnover. Conversely, the Retail Trade Confidence Indicator remained stable, with positive sales expectations balancing out poorer recent sales views.

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However, the Construction Confidence Indicator continued to decline for the second consecutive month, impacted by negative assessments of order book levels and reduced employment expectations. The Industry Confidence Indicator also saw a slight decrease, primarily due to less favourable views on current order book levels.

Notably, the Consumer Confidence Indicator rose again in June. Consumers showed a marked increase in their intention to make significant purchases in the coming months, alongside improved expectations regarding their financial situation and the general economic conditions in Cyprus.

Despite these positive trends, the report noted a rise in economic uncertainty, driven by the increased difficulty consumers and service firms faced in predicting their financial situations. Nonetheless, the level of economic uncertainty in June remained lower than that observed in the first four months of 2024.

These findings underscore the cautious optimism prevailing in Cyprus’s economic landscape, highlighting the nuanced challenges and opportunities faced by businesses and consumers alike. The slight increase in economic sentiment reflects a complex interplay of factors, pointing to a cautiously optimistic outlook for the near future.

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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.