RUSSIAN oil company Lukoil yesterday unveiled the first of its 16 petrol stations in Cyprus.
Speaking at the inauguration ceremony, Commerce and Industry Minister Nicos Rolandis welcomed the company, saying it would create a competitive environment in the Cyprus Market.
“I am delighted to inaugurate the first Lukoil station in Cyprus, one of the leading companies in the world in petroleum products,” he said.
“Lukoil has a vast experience in the field and I am sure its entry in the Cyprus Market will be beneficial to the Cypriot consumer.”
Rolandis said Lukoil’s arrival came at an important period in which the government was restructuring the petroleum products sector in Cyprus.
“The Cabinet has already decided to re-adjust 50 per cent of the price of petroleum products from January 1 next year,” Rolandis said.
“The re-adjustment will be complete by July 1, and we are hoping to completely liberalise the purchase of petroleum products by October 1 2003.
“Petroleum products at retail levels amount to £400 million a year. It is probably the biggest sector in Cyprus, and therefore we want to increase conditions for competition in this sector. The presence of Lukoil in the market, with the first 16 stations, plays an important part in this competition.”
Lukoil Managing Director Boris Berginskin said the past four months were a difficult time for Lukoil and its entry into the Cypriot market but pledged the company would offer competitive prices and good service in all its outlets.
The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.
