Cypriot natural gas will be extracted from under the sea for the first time in 2027, Energy Minister George Papanastasiou said on Monday.

Speaking to Politis radio, he said he expects an agreement to be struck between the government and Italian energy company Eni in the near future, which will allow for Cypriot natural gas from the ‘Kronos’ reservoir to be sent to the Segas liquefied natural gas (LNG) terminal in the Egyptian port city of Damietta for liquefaction.

Given the proximity of the ‘Kronos’ reservoir and Block 6 of Cyprus’ exclusive economic zone (EEZ) to Egypt’s ‘Zohr’ gas field, which Eni also operates, Eni would be able to use its own infrastructure to take the Cypriot natural gas to Damietta.

To this end, Papanastasiou said the development and production plan for this is expected to be submitted by March. The government would next have to take a final investment decision by summer, with the first Cypriot gas extracted by 2027.

Bank employees’ union (Etyk) on Monday announced plans to distribute €25 million to former and current employees of the Bank of Cyprus who were union members in 2011.

This decision aims to partially cover the losses incurred due to the failure to allocate provisions from the provident fund during the conversion of retirement gratuities into provident funds.

In a statement, Etyk said that this is “one of several unresolved issues” stemming from the financial crisis and the haircut on provident funds.

These efforts, the union said, “aim to reduce costs and rectify injustices caused by the crisis”.

The Cyprus Securities and Exchange Commission (CySEC) is projecting a €2 million budget deficit for 2025, as its proposed budget is set to be discussed during a meeting of the House finance committee.

The budget reflects an 8.6 per cent increase compared to 2024, translating to an absolute rise of €1.4 million.

Revenue and expenses are estimated at €15.5 million and €17.5 million, respectively.

According to a report submitted to the House, CySEC’s budgets for 2026 and 2027 are also expected to show deficits of €3.4 million and €3.9 million, with expenses projected at €19.2 million and €19.7 million.

Despite the deficit, CySEC’s cash reserves of €2 million as of January 1, 2025, are expected to partially offset the shortfall.

The number of entities supervised by the Cyprus Securities and Exchange Commission (CySEC) has grown by 11.8 per cent over the past five years, according to the commission’s chairman George Theocharides.

He added that CySEC was supervising 834 entities by the end of 2024, with 60 additional licensing applications currently under review.

Theocharides explained that these figures reflect Cyprus’ continued attractiveness as an investment destination.

He also pointed out that there has been a surge of interest from companies seeking licences under the recently implemented European Markets in Crypto-Assets Regulation (MiCA).

Environmental, social, and governance (ESG) criteria are important factors when shaping a company’s strategy and brand image, according to the results of survey by Action Global Communications.

The study, conducted in Cyprus, the United Arab Emirates, Greece, and Bulgaria, revealed that 95 per cent of respondents in Cyprus believe it is essential for companies to prioritise environmental sustainability in their operations.

The research, targeting individuals aged 18 and above, aimed to assess how ESG considerations influence modern branding strategies and consumer behaviours.

The study showed how public expectations for ESG practices are reshaping purchasing decisions and brand loyalty.

The Limassol Chamber of Commerce and Industry (Evel) has called for a comprehensive and environmentally conscious approach to the redevelopment of the Lady’s Mile area.

It also underlined the need to align any development plans with the area’s unique characteristics and recent local government reforms.

Specifically, in an Evel statement, Limassol mayor Yiannis Armeftis called for “a more holistic approach to the redevelopment of Lady’s Mile road”.

He also urged that recent local government reforms and the area’s unique environmental characteristics be taken into account.

The government is forecast to make a total of €37 million from tax revenues related to the country’s only licenced casino, the gaming and casino supervision commission said on Monday.

The commission revealed its forecast revenue in a note sent to parliament ahead of a planned discussion over its budget in the House finance committee later in the day.

Around €29m of that income is set to come from tax, €7m is made up of the annual licence fee, while the remainder is from smaller sources of income such as investigation and application fees.

The commission also forecast an income of €38.3m next year and €39.3m in 2027, with its income being deposited directly into the state’s consolidated fund and classed as income in the annual state budget.

Investors are increasingly eyeing Nicosia’s centre, where developments in universities, hotels, and office spaces signal revitalisation of one of Cyprus’ most historic areas.

Recent local initiatives and rising investor interest are driving this turnaround, according to recent media reports.

A key development is Kapodistrian University’s new branch in central Nicosia, expected to attract related investments, such as cafes and eateries.

The growth of educational institutions has historically boosted surrounding areas, as seen in Makedonitissa. What is more, residential, office, and hotel projects are also on the rise.

Fuel sales in Cyprus showed a slight increase in 2024, with petrol station sales rising 2.4 per cent to 682,790 tons compared to 2023, according to a report released by the state’s statistical service on Monday.

The data revealed that total petroleum product sales in 2024 increased by 0.6 per cent year-on-year.

Specifically, aircraft oil supplies rose 3.6 per cent, while heavy fuel oil, asphalt, gasoline, and diesel saw growths of 3.3 per cent, 1.2 per cent, 3.1 per cent, and 1.1 per cent, respectively.

However, oil supplies to ships declined by 4.4 per cent, and sales of kerosene, heating oil, and light fuel oil dropped by 7.1 per cent, 3.4 per cent, and 6.9 per cent, respectively.

The report also showed that sales at petrol stations surged by 3.2 per cent in December, reaching 60,834 tons.

Takeover bids for public companies listed on the Cyprus Stock Exchange (CSE) have proven major drivers for activity, often offering prices significantly higher than market value and revitalising investor interest.

These bids not only boost share prices but also lead to increased trading volumes, positively influencing the overall stock market.

Of particular importance are bids made by external investors unaffiliated with the target company, as these reflect the higher value an independent investor places on the acquisition target compared to its prevailing market valuation.

The construction of a multifunctional park in Ayia Napa has begun, the municipality said on Monday.

The aim of the municipality is to improve the quality of life of residents, to revitalise the urban environment and provide citizens with a space for safe walking and recreation.

The park will include a picnic area, a playground, an artificial lake, lush gardens and an exhibition of mosaics

The project is expected to be completed in 16 months at a cost of €4.2 million.

The Cyprus Stock Exchange (CSE) ended Monday, January 27, with losses.

The general Cyprus Stock Market Index stood at 224.33 points at 12:13, reflecting a drop of 0.15 per cent.

The FTSE / CySE 20 Index was at 136.23 points, representing a decrease of 0.11 per cent.

The total value of transactions came up to €118,645, until the aforementioned time during trading.

In terms of the sub-indexes, the main and alternative indexes fell by 0.15 per cent and 0.08 per cent respectively. The investment firm rose by 0.92 per cent while the hotel index remained stable.

The biggest investment interest was attracted by the Cyprus Cement Company (+3.41 per cent), the Bank of Cyprus (-1.98 per cent), Hellenic Bank (-0.21 per cent), Demetra (+0.93 per cent), and Logicom (+0.52 per cent).