Nicosia, December 18, 2025 — The Cypriot competition authority has conditionally approved Petrolina’s acquisition of ExxonMobil Cyprus, clearing the transaction subject to a wide-ranging package of structural and behavioral remedies aimed at preserving competition in fuel retail and related markets.
The Commission for the Protection of Competition (CPC) said it authorized Petrolina (Holdings) Public Limited’s acquisition of the entire share capital of ExxonMobil Cyprus Limited through Med Energywise Ltd after concluding that the commitments offered by Petrolina were sufficient to address serious competition concerns identified during an in-depth investigation.
The concentration was notified in February 2025 and was referred to a full Phase II review in September after the authority found that the deal raised serious doubts as to its compatibility with effective competition, particularly in fuel retail, wholesale supply, and related downstream services.
As part of the binding commitments, Petrolina will divest, sell, or shut down 21 fuel stations. The company also undertook not to reacquire, control, or operate any of the stations put up for sale for a period of 10 years. For stations divested outright, Petrolina further committed not to acquire or operate another fuel station within a four-kilometer radius for seven years.
Access to Storage and Information Firewalls
The CPC also required Petrolina to make available mixed-use fuel storage capacity at its privately owned terminal in Vasiliko to third parties on market-based terms for at least two years following completion of the transaction. That obligation may be extended by one additional year depending on the status of Cyprus’s strategic oil stockholding arrangements.
In addition, Petrolina must implement strict information barriers to prevent the flow of commercially sensitive data between different levels of the supply chain, including import, storage, wholesale and retail fuel sales. The commitments include internal manuals and confidentiality declarations covering management, directors, beneficial owners and staff involved in decision-making.
Safeguards for Service Providers and Lubricants
The authority also imposed commitments to protect competition among service providers operating at fuel stations. Petrolina will be required to honor existing service contracts inherited from ExxonMobil Cyprus until their expiry and, upon termination, either renew them for at least two years or award new contracts through open tenders. The company also committed not to impose exclusivity obligations on service providers.
Separately, Petrolina agreed not to impose exclusive supply obligations for lubricants at the acquired stations for a period of 10 years, whether directly or indirectly through sales targets or other mechanisms.
The full decision will be published in the Official Gazette of the Republic and on the authority’s website.
