The Council of Minister has finally decided to cancel the upgrading solution of the Larnaca Refinery and proceed to its transformation into fuel terminal.

The Minister of Commerce Industry and Tourism will proceed to the relevant statements shortly.

It is noted that the decision of the Council of Ministers violates the agreement between the Larnaca Development Committee and the former government for the upgrading of the refineries. Former Commerce Minister, Nicos Rolandis told SW that the transformation of the refineries into a storage terminal means a loss of $60 million and successive price hikes in petrol.