Petrolina (Holdings) Public Limited (PHL) has announced the completion of a €48.6 million deal to acquire ExxonMobil Cyprus.
According to the announcement, this includes the company’s 68 Esso-branded service stations, marking a significant expansion of its operations in the Cypriot market.
On November 27, 2024, PHL confirmed that MED ENERGYWISE LTD, a wholly owned subsidiary, signed an agreement to acquire 100 per cent of ExxonMobil Cyprus Limited (EMCL), a subsidiary of Exxon Mobil Corporation operating locally since 1955.
EMCL supplies and distributes Synergy fuels through its network of Esso-branded service stations.
This follows a revision of Cyprus’ local-currency bond ceiling to Aaa and an upgrade of the country’s sovereign rating to A3 with a stable outlook on November 22, 2024.
“The rating of Bank of Cyprus – Mortgage Covered Bonds (Cypriot Pool) is no longer constrained by the country ceiling,” Moody’s announced.
According to the announcement, the decision reflects the high quality of the cover pool assets and effective servicing mechanisms.
This represents a major step forward in the overall transaction process with CNP Assurances.
According to the bank’s statement, the approval was granted during the commission’s session held on November 27, 2024.
The announcement follows Hellenic Bank’s earlier communication on July 10, 2024, revealing its agreement with CNP Assurances to acquire CNP Cyprus Insurance Holdings Limited.
Speaking at the opening of the 8th National Skills Competition in Nicosia, Christodoulides underlined the role of skills development in boosting individual potential and strengthening the nation’s economic competitiveness.
“Skills are not just a personal asset; they are the foundation for a society’s progress,” the president said.
“Europe lags behind the United States, particularly in productivity,” he added. “We must address this gap urgently.”
The event, organised biennially since 2010 by the Labour Ministry productivity centre, aims to promote technical and vocational training, innovation, and productivity.
Business news website Stockwatch reported that the platform will likely be launched on December 16, and certainly no later than December 20.
Around 450 products from large supermarkets will be added to the platform, while this will expand into the thousands and include all supermarkets with an annual turnover of €5 million when the platform is fully launched.
The report showed that fuel station sales drove the growth with an 8.9 per cent rise, totalling 60,113 tonnes.
Other notable increases included a 9.7 per cent rise in aviation fuel supplies, a 30.1 per cent surge in heating oil sales, and growth in diesel (7.7 per cent), petrol (7.2 per cent), and liquefied petroleum gas (3.3 per cent).
The Cyprus Computer Society (CCS) on Thursday announced the passing of its president Costas Agrotis.
The announcement described Agrotis as a pioneer, visionary, and cornerstone of the Cypriot IT community.
“Costas Agrotis leaves behind an irreplaceable gap in the sphere of informatics in Cyprus,” the CCS stated.
The CCS also said that as president, Agrotis led the organisation with “foresight, stability, and an unwavering sense of justice”.
The Cyprus Stock Exchange (CSE) ended Thursday, November 28 with gains.
The general Cyprus Stock Market Index stood at 211.02 points at 13:03, reflecting an increase of 0.41 per cent.
The FTSE / CySE 20 Index was at 128.56 points, reflecting a rise of 0.42 per cent.
The total value of transactions amounted to €516,227 at the aforementioned time during trading.
In terms of the sub-indexes, the main main and alternative indexes rose by 0.22 per cent and 1.16 per cent respectively. The hotel and investment firm indexes remained stable.
The biggest investment interest was attracted by the Bank of Cyprus (+0.68 per cent), Hellenic Bank (+0.22 per cent), Demetra (no change), Logicom (no change), and Petrolina (+8.64 per cent).
