**Nicosia, Cyprus** - In a significant leadership transition set to commence on July 1st, Andreas Yiasemides is poised to assume the mantle of Chief Executive Officer at PwC Cyprus, succeeding Philippos Soseilos, who will retire at the close of 2026. This pivotal appointment coincides with a surge in the island's economic activity, as evidenced by robust fuel sales figures for January 2026, signalling a dynamic period for the Cypriot economy.
Yiasemides, a figure with considerable experience, having previously served on the Central Bank of Cyprus's board and as a past Chairman of the Cyprus Investment Funds Association (CIFA), has articulated a forward-looking vision for PwC Cyprus. He pledged a commitment to substantial investment in technological innovation, the professional development of the firm's workforce, and the cultivation of enduring client relationships. This strategic emphasis is intended to fortify PwC Cyprus's preeminent standing within the professional services sector, particularly as the firm navigates an environment characterised by both formidable challenges and considerable opportunities. Soseilos, the outgoing CEO, expressed his full confidence in Yiasemides's capabilities, anticipating a smooth handover and continued success for the firm under its new leadership.
The latest data released by the Statistical Service paints a compelling picture of the nation's economic momentum. January 2026 witnessed a notable uptick in the sales of petroleum products, registering an 11.2% increase compared to the same period in the preceding year. This surge was largely propelled by substantial growth in specific segments, most notably marine fuel deliveries, which escalated by an impressive 175.3% year-on-year. Concurrently, fuel supplied to aircraft also demonstrated considerable strength, with a 23.2% year-on-year augmentation. Furthermore, domestic consumption also showed signs of expansion, with sales of heating oil climbing by 25.2% and liquefied petroleum gas by 13.4%. This broad-based increase across various fuel categories suggests a broad-based revitalisation of economic activity across multiple sectors.
In tandem with the heightened sales, a significant 33% reduction in fuel stock levels was observed by the end of January 2026 compared to December 2025. This contraction in inventories is indicative of either heightened consumption outpacing supply or a deliberate reduction in import volumes. While overall petroleum product sales experienced a marginal 3.9% decrease month-on-month from December 2025 to January 2026, this was largely attributable to seasonal fluctuations in aviation fuel and gasoline demand, which saw declines of 10.0% and 13.1% respectively. Conversely, marine fuel deliveries exhibited a robust 15.6% month-on-month increase, underscoring the continued strength in maritime trade and operations. Retail activity at petroleum service stations also demonstrated resilience, recording a 3.5% year-on-year increase in sales, amounting to 58,500 tonnes in January 2026.
This economic vigour is further complemented by indications of increased activity from financial institutions, with Alpha Bank reportedly expanding its presence and operations within Cyprus. Such developments, coupled with the robust performance in key energy sectors, suggest a positive trajectory for the Cypriot economy. The strategic leadership transition at PwC Cyprus, under Yiasemides's guidance, is anticipated to align with and potentially amplify these positive economic currents, fostering innovation and reinforcing the island's position as a hub for regional commerce and investment.