Cyprus strengthens control in the hydrocarbon sector: new cooperation between authorities and auditors

The Institute of Certified Public Accountants of Cyprus (ICPAC) and the Ministry of Energy, Commerce and Industry have confirmed the expansion of cooperation in the regulation and control of the hydrocarbon sector. During a working meeting on May 8, 2026, the parties discussed strengthening supervisory mechanisms and increasing transparency in an industry of strategic importance for the country's economy.

The negotiations involved the Minister of Energy, Michalis Damianou, ministry representatives, and the leadership of the accounting association. The main focus was on verification procedures for companies involved in hydrocarbon extraction and operation, as well as the analysis of cost recovery claims. The need for increased auditing, transparency, and accountability in the energy sector was specifically emphasized.

Following the meeting, the parties reaffirmed their intention to continue the institutional dialogue and strengthen interaction. ICPAC President Odysseas Christodoulou noted that quality supervision and reliable auditing procedures are key to trust in state institutions. The goal of the cooperation is to improve management efficiency and protect public interests in the energy sector.