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The Founder And Chairman Of Ellinas Finance Has Passed Away

by THEFUTURE.TEAM

June 18, 2024

Ellinas Finance Public Company Ltd has announced the death of the Company’s founder and chairman, Emilios Ellinas.

According to the company, Emilios Ellinas died on 14 June, at the age of 90, in Nicosia.

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Ellinas has been the Chairman and Managing Director of Ellinas Finance PCL since December 1992.

He graduated from the Pancyprian Gymnasium in 1952.

Ellinas worked at Y. Shukuroglou & Sons as head of the Insurance Department until 1964. On 1 April,1955 he founded Emilios A. Ellinas & Co which was active in the import, sale and distribution of electrical household appliances and other goods (via the Mega Electric/ Scandia brand).

In 1964 he also founded the company Ellinas (Insurance Agencies) Ltd which represented various British insurance companies until 1982.

Ellinas was then appointed General Representative of the Cyprus public company Philiki Insurance Ltd as well as a member of the Board of Directors of Philliki Insurance Ltd.

Ellinas served as a shareholder and member of the Board of Directors of the private companies, The United Five Development Company Ltd and The United Five Construction Company Ltd.

In 1992 he founded Ellinas Finance Public Company Limited of which he held the position of Chairman of the Board of Directors until his death, having also served as Managing Director from January 2003 to February 2019.

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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.