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RIF Launches €1.6 Million Funding Scheme To Boost Energy Sector Innovation

by THEFUTURE.TEAM

June 28, 2024

The Research and Innovation Foundation (RIF) has launched a significant funding initiative aimed at propelling innovation within Cyprus’s energy sector. With a total budget of €1.6 million, the programme, named “Commercial Proof of Concept – Energy,” is designed to facilitate the transition of energy solutions from pilot phases to full commercial readiness. The scheme targets advancements in energy production, storage, transmission, and distribution, with a keen focus on enhancing performance, reliability, and cost-efficiency.

Key Objectives and Scope

The funding programme seeks to address several critical areas in the energy sector:

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Integration of Renewable Energy: Improving the integration of renewable energy sources into the grid to ensure a more sustainable and reliable energy supply.
Energy Storage Solutions: Developing efficient and scalable energy storage systems to balance supply and demand, particularly for renewable energy.
Transmission and Distribution Efficiency: Enhancing the infrastructure for energy transmission and distribution to reduce losses and improve overall system efficiency.
Commercial Viability: Ensuring that innovative energy solutions are not only technically feasible but also commercially viable, ready for market introduction.

Funding Details

Each project under this scheme can receive a maximum of €200,000. The funding is aimed at helping innovators and companies refine their technologies, improve their performance metrics, and achieve greater reliability and cost-effectiveness. This support is crucial for bridging the gap between pilot projects and full-scale commercial deployment.

Application Process

Interested parties must submit their applications by October 25, 2024. The application process is designed to be thorough yet accessible, ensuring that a wide range of innovative projects can be considered. RIF’s initiative is expected to attract numerous high-quality proposals, fostering a competitive environment that drives excellence in energy innovation.

Strategic Impact

This funding scheme is part of a broader strategy to position Cyprus as a leader in energy innovation. By supporting cutting-edge projects, the RIF aims to not only enhance the country’s energy infrastructure but also contribute to global advancements in energy technology. The initiative underscores the importance of sustainable development and the transition to a more resilient and efficient energy system.

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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.