Energy

Cyprus-based Multimarine Services Ltd this week announced that it has marked a significant achievement with the successful construction of a floating electrical hub, heralding the island’s entrance into the ...

The audit office has written to EU bodies as well as Cypriot officials raising concerns over the interconnector project, it emerged on Friday. The letter details a lack of transparency ...

Cyprus’ energy sector is crucial for the country’s competitive edge and must adapt to renewable energy demands if it is overcome the major challenges it currently faces, Energy Minister ...

Oil prices ticked up in Asian trade on Wednesday, as traders weighed weak demand indicators from top importer China and the prospect of further US rate hikes against potential supply ...

The European Investment Bank’s (EIB) evaluation study confirms the economic viability of the EuroAsia Interconnector electricity interconnector and the significant positive results resulting from its implementation, the EuroAsia Interconnector ...

The Chinese-led consortium with the contract to build a liquefied natural gas (LNG) terminal at Vasilikos have just filed a new timetable, promising to deliver the project by July 2024, the ...

Electrical interconnections have a critical role to play in our collective efforts to achieve climate neutrality, according to Andreas Poullikkas, Chairman of the Cyprus Energy Regulatory Authority (CERA). Poullikkas explained ...

Saudi Arabian state oil giant Aramco (2222.SE) on Monday reported a near 38 per cent drop in second-quarter net profit reflecting lower oil prices and thinner margins in refining and chemicals. ...

Oil prices hovered near their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to extend supply cuts through September, further tightening supplies. Prices have seen a ...

A major increase in solar power generation in southern Europe played a leading role in averting energy shortages during the heatwaves of recent weeks when temperatures broke records and drove ...

Oil prices were on track for a sixth week of gains after Saudi Arabia and Russia, the world’s second and third-largest crude producers, pledged to cut output through September. ...

Jordan has expressed an interest in collaborating with Cyprus to establish electricity connectivity with the European Union (EU), it was announced on Thursday. The expression of interest came up during ...

BP’s (BP.L) second-quarter profit slumped 70 per cent from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy ...

Oil inventories are beginning to fall in some regions as demand outpaces supply constrained by deep production cuts from OPEC leader Saudi Arabia, providing support for prices which are expected ...

Oil prices were steady on Friday, but on track for a fifth straight week of gains with investors optimistic healthy demand and supply cuts will keep prices buoyant. Risk appetite ...

Concerns over discrimination in favour of the electricity authority (EAC) and a single buyer market were raised on Friday by the employers and industrialists’ federation (Oev). The federation said in ...

A Liberian-flagged oil tanker set sail in May from Russia’s Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had ...

The Biden administration is poised to increase outreach to western trading houses, insurers and tanker owners to remind them to abide by the Group of Seven’s price cap on ...

Minister of Agriculture Petros Xenophontos on Wednesday said autonomous solar energy is the solution to the problem of exposed cables running through the Paphos forest. The minister’s announcement came ...

Oil prices eased on Monday as traders awaited more rate hike cues from US and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a ...

Here are the top business stories in Cyprus from the week starting July 17: Tourist arrivals in Cyprus experienced a significant increase of 22.7 per cent in June 2023 compared to the same ...

The Independent trade unions federation (Poaso) has called on the government to implement a windfall tax on profits from renewable energy sources. They say that the proceeds from the tax ...

Increased supplies of liquefied natural gas (LNG) from Russia’s Novatek (NVTK.MM) mean the company is close to overtaking Kremlin-controlled Gazprom (GAZP.MM) as the country’s leading fuel ...

Russian President Vladimir Putin approved Arctic LNG 2’s first line departure via the Northern Sea Route from the Murmansk region to its future production site on the Gydan peninsula, the ...