“The energy sector in Cyprus has made significant progress over the last decade. We have witnessed increased investment, technological advancement, higher standards across the industry and a growing focus on sustainability. At the same time, consumers have become more demanding and aware, seeking better service, innovative solutions and a more seamless customer experience,” Manolis Kalathas, Country Manager of Coral Cyprus, suggests.
Following the company’s distinction at the 14th International Investment Awards, organised by Invest Cyprus and hosted by GOLD magazine. In an interview with the magazine, he explains how the company continues to adapt and evolve in the changing energy landscape.
Coral S.A. – Coral Cyprus invested in the Cypriot market several years ago. How has the company grown since then?
Our journey in Cyprus has been one of steady growth, continuous improvement and long-term commitment. Over the years, we have invested approximately €40 million in the Cypriot market, strengthening our network, upgrading infrastructure and continuously enhancing the customer experience. Today, Coral Cyprus operates a nationwide network of 42 Shell-branded service stations, having grown significantly from the 20-plus stations taken over in 2017. This expansion has been supported by a strong ecosystem of partners, station managers and employees who share our vision and values. Beyond expanding our physical presence, we have evolved the role of our service stations into modern mobility hubs, offering high-quality fuels, convenience solutions and innovative services that respond to the changing needs of consumers. This growth has been supported by the strength, expertise and strategic direction of the Coral Group and Motor Oil Group, enabling us to bring international best practices to Cyprus while maintaining a strong local presence and mindset.
Why did you choose to invest in Cyprus and how would you assess the country’s business landscape?
Cyprus represented a natural strategic choice for our Group. Geographically, commercially and culturally, it was the closest and most relevant market for our first steps of international expansion, making it a clear and well-founded investment decision within our broader development strategy. The strong ties between Cyprus and Greece made the market feel familiar and closely aligned with our values and way of doing business. Moreover, Cyprus’ location at the crossroads of Europe, Asia and Africa, combined with its stable economic environment, European regulatory framework and highly skilled workforce, provides a solid platform for long-term business development. Our experience has been particularly positive. Beyond the favourable investment environment, what truly distinguishes Cyprus is the quality of its business community and the strength of its professional relationships. Trust, collaboration and adaptability remain key characteristics of the local market culture.
Cyprus has demonstrated remarkable resilience and continues to strengthen its position as an attractive destination for international investment. As investors ourselves, we are proud to contribute to that success story, while creating opportunities for growth, innovation and employment.
Your company is a well-established player in the energy market. How has Cyprus’ energy sector grown since you came to the island and what further development would you like to see?
The energy sector in Cyprus has made significant progress over the last decade.
We have witnessed increased investment, technological advancement, higher standards across the industry and a growing focus on sustainability. At the same time, consumers have become more demanding and aware, seeking better service, innovative solutions and a more seamless customer experience. Looking ahead, we believe there is substantial potential for further development. Continued investment in modern energy infrastructure, digitalisation and alternative mobility solutions will play a critical role in enhancing the competitiveness and resilience of the sector.
Equally important is the continued collaboration between businesses, institutions and policymakers to support the country’s evolving energy transition and create a future-ready energy ecosystem that benefits both the economy and society, following European best practices.
What does the future hold for Coral S.A. – Coral Cyprus as the energy market in Cyprus continues to expand?
The future of energy is being shaped by innovation, sustainability, technology and changing customer expectations. For Coral Cyprus, this creates both opportunities and responsibilities. Our ambition is not simply to adapt to these changes but to actively contribute to shaping the future of mobility and energy in Cyprus. With the support of the Coral Group and the Motor Oil Group, we will continue to invest in our network and our people, to enhance the customer experience and develop integrated mobility solutions that create long-term value for consumers and society. We remain committed to operational excellence, safety standards, responsible growth and continuous innovation. As the market evolves, our objective remains unchanged: to be the most trusted and reliable energy partner in Cyprus, while contributing to the country’s sustainable development and economic prosperity.
We firmly believe that long-term success is achieved by creating value, not only for customers and shareholders but also for employees, partners and the communities in which we operate. This philosophy will continue to guide every step of our journey.
The Invest Cyprus International Investment Award recognises not only Coral S.A. – Coral Cyprus’ success but also its commitment to Cyprus. What does this award mean to the company and why is it important to your long-term vision?
Receiving this distinction is a great honour for Coral S.A. and, by extension, Coral Cyprus. It represents a meaningful recognition of our longstanding commitment to Cyprus, its economy and its people. This award is not simply a reflection of business performance. It acknowledges the journey of continuous investment, trust and partnership that we have built over the years with our customers, our station operators, our business partners and the communities we serve. As part of the Coral Group and the wider Motor Oil Group, one of the leading energy groups in Southeast Europe, we operate with a long-term perspective and a clear commitment to creating sustainable value wherever we are present. Cyprus is a market of strategic importance for us and this recognition reinforces our confidence in the country’s economy and our determination to continue investing in its growth.
Coral S.A. is a leading energy company in Southeast Europe and the official licensee of the Shell brand in several markets. Coral Cyprus, which has been operating since 2017, has established a strong and growing presence, contributing actively to the country’s energy sector and economy. The company plays a dual role in the market: as a trusted partner for individual consumers through its network of 42 Shell service stations across the island and as a reliable B2B supplier, supporting businesses and fleet customers with tailored energy solutions. Since entering the Cypriot market, Coral has invested more than €30 million in infrastructure, network development and service excellence, while creating employment opportunities for over 300 people through its retail operations.
This interview first appeared in the July edition of GOLD magazine. Click here to view it.
