Cyprus Business Now

Petrol station sales in Cyprus marked a decrease of 7.5 per cent in December 2022, compared to the corresponding month of 2021, according to data released on Friday by the Cyprus Statistical Service (Cystat).

Total oil inventories at the end of December 2022 increased by 3.6 per cent compared to the end of the previous month.

Total sales of petroleum products in December reached 118,203 tonnes, down 8.7 per cent compared to December 2021.

There was a decrease in oil supplies to ships (-42.5 per cent), as well as sales of asphalt (-55.4 per cent), kerosene (-39.9 per cent), heating oil (-18.8 per cent) and motor oil ( -1.8 per cent).

Conversely, an increase was recorded in the supply of oil to aeroplanes (13.5 per cent), as well as in the sales of heavy and light fuel oil (62.8 per cent and 4.3 per cent respectively) and gasoline (0.2 per cent).

Total sales of petroleum products in the month of December 2022 compared to November 2022 increased by 2.8 per cent.

In addition, the sales of gasoline (7.5 per cent) and diesel (0.8 per cent) increased, while the supply of oil to aeroplanes decreased by 15 per cent.

The total sales of petroleum products in Cyprus throughout 2022 experienced an increase of 9.9 per cent compared to 2021.

Oil supplies to aircraft and ships increased by 67.7 per cent and 8.0 per cent respectively, while increases were also noted in sales of light fuel oil ( 13.8 per cent), heating oil (12.4 per cent), LPG (10.3 per cent) and gasoline (1.6 per cent).

On the other hand, slower sales were observed in sales of asphalt (-26.5 per cent) and diesel (-4.0 per cent).

In 2022, sales from petrol stations amounted to 654,073 tonnes, marking a decrease of 0.9 per cent compared to 2021.

The  Insurance Association of Cyprus (IAC) on Friday announced that it has launched its new website, which is ready to be used by interested parties.

According to the announcement, the website was designed to be easy to use, with the association considering it instrumental in enhancing the role that the IAC has to play, as the recognised and representative body of the Insurance Industry in Cyprus.

“With a modern design and keeping up with the modern demands of online communication, our new website serves as a distribution channel of valuable content to industry executives, the public and the media,” the association said.

The website contains information on the 29 member companies that the association represents, the collective positions and proposals of its members to the executive and legislative branches of the government, as well as details on its role in the development of the insurance industry in Cyprus.

At the same time, the website provides informative content about insurance, in an effort to address insurance illiteracy.

The Director General of IAC, Andreas Athanasiades, said that he believes that the association’s new website will decisively contribute to the further development of the insurance industry.

“The renewed website of the IAC is our direct contact with society, our own communication channel,” Athanasiades said.

“With valuable content and an improved navigation experience, our new website plays a critical role in boosting the development of the sector and the strengthening of the insurance institution,” he concluded.

The Cyprus Stock Exchange (CSE) ended Friday, January 27 with profits.

The general Cyprus Stock Market Index was at 96.31 points at 14:36 during the day, reflecting an increase of 0.22 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 58.17 points, representing an increase of 0.22 per cent.

The total value of transactions came up to €15,311.

In terms of the sub-indexes, the main and alternative indexes rose by 0.34 per cent and 0.03 per cent respectively.

The hotel and investment firm indexes remained unchanged from the previous day.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Blue Island (+2.45 per cent), Logicom (+1.51 per cent), the Bank of Cyprus (no change), Louis PLC (+0.61 per cent), and Hellenic Bank (+0.33 per cent).