AGP Executive Report
Last update: 9 hours agoEnergy Infrastructure: Eight bidders are vying to complete the stalled Vasiliko gas terminal under a contract estimated at €180 million. DEFA aims to award it before summer 2027, with construction taking about two years; completion would not guarantee when gas or lower bills follow. Investment Services: Cyprus hosts 20% of firms providing cross-border investment services in the EU and EEA, ESMA reports, as retail clients using services from another member state nearly doubled since 2023. Financial Sector: Cyprus is moving to tighten crypto rules, with fines of up to €15 million. The audit watchdog is also investigating allegations concerning Deloitte Cyprus and Roman Abramovich’s assets. Energy Costs: The IEA warns tight oil supply and diesel shortages could keep pressure on Cyprus fuel and business costs into 2027. Economic Outlook: The IMF sees Cyprus growth easing to 2.9% this year, then rising to 3.2% in 2027; inflation is forecast to fall from 3.7% to 1.9%. Banking: Bank of Cyprus has extended CEO Panicos Nicolaou’s term to 2031.
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