The Cyprus Commission for the Protection of Competition (CPC) has launched a full-scale investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina (Holdings) Public Ltd through Med Energywise Ltd.

According to an official announcement, the decision was made during the Commission’s meeting on September 10, 2025, following a review of the relevant report by the CPC Service. The Commission concluded that the merger raises concerns regarding its compatibility with competitive market operations, as it may significantly affect key petroleum markets both horizontally and vertically.

The Commission stated that these concerns relate to specific markets at both horizontal and vertical (or neighboring) levels.

Horizontally, the deal could impact:

• The petroleum import market

• The wholesale petroleum sales market

• The retail petroleum sales market

Vertically or in neighboring market layers, the following areas may be affected:

• The entire chain of petroleum import, storage, and wholesale

• Retail fuel sales and land-based distribution

• Wholesale lubricants

• Specialized construction and electromechanical services related to fuel station operations

The CPC notes that the high concentration in the petroleum import and sales markets, coupled with the close competitive proximity between Petrolina and ExxonMobil, increases the risk of price hikes and coordinated market behavior.

Additionally, in the retail fuel market, the merger is expected to reduce competition at a local level—particularly within a 4 km radius around fuel stations operated by the two companies.

The Commission is also scrutinizing the new entity’s vertical relationships, investigating whether it might restrict competitor access to storage facilities, supplies, or customers. Such limitations could negatively impact land-based fuel distribution, lubricant wholesale, and specialized technical services.

The CPC unanimously decided to proceed with a full investigation. Under the relevant legal framework, individuals or entities potentially affected by the decision—but not directly involved in the merger—are invited to submit their views.

The Commission must issue its final decision within four months from the moment it possesses all necessary information.