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High Occupancy Rates Bolster Cypriot Hotels During Monday Of The Holy Spirit

by THEFUTURE.TEAM

June 20, 2024

The annual Monday of the Holy Spirit has significantly boosted occupancy rates in Cypriot hotels, with many establishments reporting fill rates exceeding 80%, and some reaching up to 95%. This influx is primarily driven by domestic tourists, although there is notable participation from international visitors. The festival, set in the summer season, sees temperatures higher than average, making local getaways appealing.

PASYXE mentioned that while current hotel stays are slightly down by 5-10% compared to last year, the industry remains optimistic. The current geopolitical climate, including ongoing conflicts and significant events such as elections and sports tournaments, has influenced tourism trends. However, last-minute bookings are expected to pick up, providing a boost to the sector.

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Competitive Landscape

Despite global challenges, Cyprus benefits from issues faced by competing destinations, such as Mallorca, which grapples with the impacts of mass tourism. Cyprus aims to leverage these opportunities by enhancing its tourism offerings and addressing seasonality and quality challenges.

Outbound Tourism

Cypriots are also travelling abroad, with Greece remaining a top destination. Increased connectivity has sparked interest in other European destinations like Italy, France, and Poland.

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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.