"JET FUEL" FLOWS SEAMLESSLY TO CYPRUS - WHERE DO WE BUY FUEL FROM? - Filenews 19/4 by Charalambos Zakos
The head of the International Energy Agency (IEA), Fatih Birol, has warned that Europe has stockpiles of aviation fuel for six weeks. On the other hand, Cyprus seems to be safe, at least for the next few months, with imports at the same time continuing normally.
"Jet fuel" has monopolized interest lately, since the war in the Middle East and the blockade of the Strait of Hormuz have disrupted oil supplies.
Although Europe is not directly affected, since Asian countries are the biggest hit, however, if the situation does not normalize then Europe will also face a serious problem. In fact, the first flight cancellations have already been recorded in the Old Continent due to shortages of airplane fuel. On the contrary, Cyprus seems to be, for now at least, in a better position than other regions.
According to the information of "F", the imports of "jet fuel" - carried out by two Cypriot companies - from the refineries of Haifa and Elefsina continue normally. At the same time, the stocks maintained by KODAP and arrive for about three months can meet the needs in case there is a problem in imports, however, it is important to note that part of these stocks of KODAP are not stored in Cyprus.
536,000 tons in stock
As noted by KODAP, the organization has the obligation to maintain stocks of petroleum products in order to ensure minimum reserves, which are available at any time and in such a way that in case of shortages in energy supply, the minister can release quantities of reserves.
In particular, KODAP has the obligation to keep quantities equal to the average of 90-day imports. The minimum stocks of petroleum products that KODAP must keep are determined by a relevant decree of the Minister of Energy, Commerce and Industry and for 2025-2026 amount to 536,000 tons.
At Cypriot airports
Industry professionals who spoke to "F" reassure about the adequacy of airplane fuel, noting at the same time that some flight cancellations that have been observed in Europe do not affect Cyprus. For now and for at least the next few months, even if the imports of "jet fuel" are stopped, Cyprus can meet the needs of its airports, as they characteristically said.
Fares are increasing
Amid concerns about oil supply, but also due to geopolitical developments, air fares are already recording increases. Airlines, in addition to the lack of fuel, also have to deal with price increases, since in some cases they had even doubled.
According to the data, about 30% of the kerosene used by airlines in Europe passes through the Strait of Hormuz, and any new disruption can create problems in refuelling aircraft.
Down air traffic
Cyprus may be considered safe in terms of the adequacy of airplane fuel, but unfortunately the same cannot be said for tourism, since both March and April record a decrease in air traffic.
After the events in the Middle East, as well as the attack on the British Bases in Cyprus, both cancellations and reductions in bookings were recorded, with the tourism industry being on hot coals.
As they report, a better picture may be observed lately, however, as they warn, if the rate of bookings does not increase then a problem will arise, especially in the hotel sector.
