Frederick University and Island Oil Ltd, one of the largest companies based in Cyprus operating in the marine and domestic fuels sector, recently signed a Memorandum of Understanding (MoU) to collaborate in the field of Maritime and Blue Economy. Among other initiatives, Island Oil offers scholarships to students pursuing a BSc in Maritime Studies at Frederick University, as well as other financial support schemes for the benefit of students.

The Memorandum was signed on behalf of Island Oil by CFO Aris Athanasiades, and on behalf of Frederick University by Dr Angelos Menelaou, Head of the Department of Maritime Transport and Commerce. The signing ceremony, held at Frederick University in Limassol on May 17, was attended by Dimitris Lemesianos, Director of Safety, Health, Quality, Environment, and Sustainability at Island Oil, Dr Emmanouel Nicolaides, Assistant Professor at the Department of Maritime Transport and Commerce, as well as students of the Maritime Studies programme.

Specifically, Island Oil offers two scholarships for the duration of the studies (four years), covering 50 per cent of tuition fees. Additionally, it supports students financially by covering their participation in the annual educational field trip to Europe. The field trip includes visits to sites of interest for the maritime sector, such as the International Maritime Organisation, the Greenwich Observatory, and the Baltic Exchange in London. Furthermore, Maritime Studies students will have the opportunity to travel to countries where Island Oil operates.

As part of the MoU, Frederick University will hold a series of educational workshops on marine and shipping topics for the personnel of Island Oil and/or the wider maritime industry. The two parties will also collaborate in research, in fields of mutual interest.

“Through this scholarship, Island Oil embodies its commitment to sustainability and social responsibility, reflecting the core principles of our ESG policy,” stated CFO Athanasiades. “By investing in education, we not only promote academic excellence but also nurture innovators and change-makers in the maritime and blue economy sectors who will drive positive environmental, social, and managerial progress. This initiative underscores our dedication to creating a more sustainable world for future generations.”

Dr Menelaou noted: “Our connection with the industry is of great value, primarily for our students. We thank Island Oil for their support, allowing our students to familiarise themselves, even before completing their studies, with the many layers of the maritime sector. Through this Memorandum, we aim to work together, to educate tomorrow’s leaders in Maritime and Blue Economy, which are constantly evolving. Further, we aim to contribute towards sustainability and the reduction of the maritime industry’s carbon footprint.”