Greek conglomerate HELLENiQ Energy has agreed to acquire Cypriot fuel supplier Staroil through its subsidiary, HELLENiQ Energy Cyprus Holdings Ltd. Pending antitrust clearance from the Cyprus Commission for the Protection of Competition, the transaction will absorb Staroil’s 13 petrol stations and wholesale distribution network to expand HELLENiQ’s commercial footprint alongside its existing EKO Cyprus operations.
Cypriot Energy Minister George Papanastasiou toured Egypt’s Damietta LNG plant during the Mediterranean Offshore Conference to advance bilateral gas cooperation. The high-level site visit aimed to optimize existing liquefaction infrastructure, accelerate natural gas integration, and reinforce regional energy security across the Eastern Mediterranean.
The completion of the Great Sea Interconnector linking Greece and Cyprus has been postponed to January 2031, with total costs now projected to exceed €1.9 billion. Cyprus energy regulator CERA attributed the setback to cable manufacturer Nexans having production fully booked through mid-2028 alongside ongoing seabed survey and funding hurdles. Promoted by Greece's IPTO, the strategic 1,000 MW subsea link remains critical to ending Cyprus’s energy isolation and integrating regional renewables despite escalating financial and geopolitical headwinds.
Cyprus has conditioned its financial backing for the Great Sea Interconnector on verified construction progress, postponing its pledged €25 million annual payment to Greek grid operator Admie. Energy Minister Michael Damianos cited stalled development and an unverified €220 million spending gap flagged by regulator CERA, while emphasizing that consumers will not fund the €1.9 billion project until electricity actually reaches the island.
Direct Democracy Cyprus leader Fidias Panayiotou led a protest to the presidential palace demanding urgent government intervention against soaring electricity and fuel costs. A formal petition urged President Nikos Christodoulides to classify energy as a basic necessity, enact permanent VAT reductions, and accelerate renewable storage to alleviate mounting financial burdens on households and businesses.
A German business delegation is conducting targeted B2B meetings in Nicosia to explore commercial partnerships across Cyprus’s energy sector. Organised by OEV and the German-Hellenic Chamber on behalf of Germany’s Federal Ministry for Economic Affairs, the mission focuses on smart grids, energy storage, and EV infrastructure to accelerate Cyprus’s renewable integration and grid modernisation.
HELLENiQ ENERGY has launched a €50 million battery energy storage system in Thessaloniki, marking its inaugural large-scale storage installation. Delivering 100 MW of power and 200 MWh of capacity, the facility will provide vital grid-balancing services, curb renewable curtailment, and accelerate the group’s planned expansion across Southeast European clean energy markets.
Cyprus and Saudi Arabia have signed a comprehensive energy Memorandum of Understanding in Riyadh to cooperate on electricity interconnection, renewable energy, green hydrogen, and natural gas. Formalized by energy ministers George Papanastasiou and Abdulaziz bin Salman Al-Saud, the strategic partnership aims to bolster regional energy security, expand cross-border infrastructure, and accelerate sustainable energy transitions aligned with Saudi Vision 2030 and Cyprus's Mediterranean hub ambitions.
Greece has increased its nationwide heating allowance and set a target retail cap of €1.75 per litre on heating oil to shield households from escalating winter fuel costs. Announced by Stavros Papastavrou, the coordinated interventions aim to ensure consumer price predictability while maintaining state fiscal stability amid broader European energy affordability pressures.