Cyprus Business Now

The Cyprus Chamber of Commerce and Industry (Keve) on Tuesday announced that it successfully held an event addressing the Indian business community of the United Kingdom.

The event, which took place on June 16 at the Caledonia Club in London, was held in collaboration with the Ministry of Energy, Commerce and Industry and the Cyprus – India Business Association.

What is more, the event was part of Keve’s activities and actions to promote Cyprus to new markets and attract investments.

The event was addressed by Cyprus High Commissioner to the UK Andreas Kakouris.

Invest Cyprus’ promotion officer Sarris Demetriou presented the country’s new strategy for attracting investments for the establishment of headquarters of companies and organisations.

Finally, the president of both the Cyprus-India Business Association and Cyprus Investment Fund Association (CIFA) Andreas Yiasemides spoke on the excellent relations between Cyprus and India, as well as the advantages of Cyprus as an investment destination.

Total petroleum product sales in Cyprus increased by 34 per cent year-on-year in May 2022, while total oil stocks decreased by 17.1 per cent, falling to 18,020 tonnes, according to a report released on Tuesday by the Cyprus Statistical Service (Cystat).

In May 2022, total sales of petroleum products reached 120,906 tonnes, marking an increase of 34 per cent, compared to May 2021.

There was an increase in oil supplies to aircraft (235.2 per cent) and ships (58.5 per cent), as well as sales of heavy fuel oil (100.7 per cent).

Heating fuel also rose by 53.2 per cent, LPG by 32.5 per cent, petrol by 14.1 per cent and diesel by 8.1 per cent.

Petrol station sales rose by 11.8 per cent and amounted to 53,810 tonnes in total.

Total sales of petroleum products in May 2022, compared to April 2022, increased by 7.2 per cent.

Supplies of oil to aircraft increased, on a monthly basis, by 9 per cent, the sales of diesel by 15.1 per cent, while gasoline sales rose by 12.3 per cent.

Between January and May 2022, the total sales of petroleum products increased by 24.3 per cent, to 581,954 tonnes, compared to 468,260 tonnes in the corresponding period of 2021.

Moreover, Cyprus’ total oil reserves at the end of May 2022 increased by 20.3 per cent compared to the end of the previous month.

However, total petroleum reserves fell by 17.1 per cent year-on-year in May 2022, reaching 87,172 tonnes, compared to 105,192 tonnes at the end of May 2021.

The Cyprus Stock Exchange (CSE) ended Tuesday, June 28 with profits.

The general Cyprus Stock Market Index was at 69.41 points at 13:44 during the day, reflecting a rise of 0.36 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.56 points, which represents an increase of 0.39 per cent.

The total value of transactions came up to €17,295.

In terms of the sub-indexes, the main, alternative, hotel and investment firm indexes rose by 0.53 per cent, 0.46 per cent, 0.25 per cent and 0.5 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.95 per cent), Logicom (+1.61 per cent), Demetra (+0.53 per cent), Pandora (no change) and Leptos Calypso Hotel (+3.7 per cent).