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EIB To Open Offices In Cyprus: A Strategic Move For Economic Engagement

by THEFUTURE.TEAM

June 27, 2024

The European Investment Bank (EIB) is set to inaugurate its offices in Cyprus this autumn, marking a significant step in enhancing its presence and operations within the region. This development follows an agreement between EIB President Nadia Calviño and Cypriot Finance Minister Makis Keravnos. The decision aims to foster closer collaboration with local stakeholders, bolster support for regional projects, and streamline advisory services.

Minister Keravnos highlighted the strategic importance of having EIB executives stationed locally. Initially, these executives will operate from the Ministry of Finance until permanent premises are established. This move underscores the EIB’s commitment to understanding and addressing the specific needs of Cyprus’s economy and society.

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Nadia Calviño emphasised the transformative impact of EIB investments on local communities across the EU, including Cyprus. Recent EIB investments in Cyprus include substantial funding for wastewater treatment projects and support for the country’s first publicly supported venture capital fund. Since 1981, the EIB has financed 82 projects in Cyprus, totalling €5.5 billion, with recent commitments worth €257 million.

The new office in Nicosia is expected to facilitate more direct support from EIB staff and leverage their expertise for project preparation and execution. This initiative aligns with the EIB’s broader mission to promote sustainable growth, innovation, and competitiveness within the Cypriot economy.

EIB Vice President Kyriacos Kakouris, the first Cypriot in this role, expressed optimism about the new office’s potential to boost the local economy. The EIB’s expanded local presence reaffirms its dedication to fostering economic development in Cyprus, ensuring that the benefits of EIB’s investments are maximised for the country’s future prosperity.

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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.