Cyprus Business Now

The long-anticipated completion of bids for the Paphos marina is set for late 2024, according to George Mais, president of the Paphos Chamber of Commerce and Industry.

Mais told the Cyprus News Agency (CNA) that submissions have been made to the agency responsible for drafting the tender documents for the Paphos marina.

He added that if no objections arise by the end of April, the assessment and awarding of the bid are expected to proceed. Subsequently, intense processes will commence to prepare the bid documents.

Stressing the significance of the Paphos marina, Mais highlighted its role in enriching the city’s tourism product.

In addition, he emphasised that the project will bolster nautical tourism, enhance the experience of tourists, and, at the same time, support other marinas across Cyprus.

Finally, he underlined the necessity for a network of marinas to cater to sea-bound visitors.

Cyprus experienced a notable rise in the total sales of petroleum products in November of this year, reaching 119,253 tons, marking a 3.7 per cent increase compared to November 2022.

According to a report released on Thursday by the Cyprus Statistical Service (Cystat), there was a surge of 25.8 per cent in aeroplane fuel supplies, along with increases in heavy fuel oil sales (28.4 per cent), motor oil (6.6 per cent), and gasoline (6 per cent).

Conversely, there was a decline of 17.4 per cent in light fuel oil sales, asphalt (5.2 per cent), heating oil (3.7 per cent), kerosene (2.9 per cent), and liquefied petroleum gas (1.5 per cent).

Regarding sales from petroleum stations, they experienced a 4.5 per cent rise, totalling 56,282 tons.

In comparison to October 2023, overall petroleum product sales in November 2023 experienced a decrease of 8.7 per cent.

Notably, aeroplane fuel supplies dropped by 40.5 per cent, and gasoline sales were reduced by 2.3 per cent, whereas motor oil (2.7 per cent), heating oil (55.1 per cent), and kerosene (88.6 per cent) witnessed an increase.

The total petroleum product reserves at the end of November 2023 increased by 2 per cent compared to the previous month’s end.

Finally, between January and November 2023, total petroleum product sales saw a marginal increase of 0.3 per cent compared to the corresponding period of the previous year.

The Cyprus Stock Exchange (CSE) ended Thursday, December 28 with losses.

The general Cyprus Stock Market Index was at 135.91 points at 12:47 during the day, reflecting a decrease of 0.28 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 82.53 points, representing a drop of 0.29 per cent.

The total value of transactions came up to €112,738 until the aforementioned time during trading.

In terms of the sub-indexes, the main and alternative indexes fell by 0.25 per cent and 0.35 per cent respectively. The investment firm and the hotel indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Blue Island (-0.6 per cent), Logicom (-0.67 per cent), the Cyprus Trading Corporation (-9.38 per cent), and Vassiliko Cement Works Public Company (-1.88 per cent).