Mission

The mission of COSMOS is to maintain and manage the minimum stocks of crude oil and oil products of Cyprus, which have to be available at all times. The Minister of Commerce, Industry and Tourism has the right to order the release of part or the whole of the quantities kept in order to deal with shortages in energy supply.

COSMOS has the obligation to maintain quantities that are equal to 90 days of inland consumption. The minimum oil stocks that are maintained by COSMOS are prescribed in an Order by the Minister. For 2010, these amounted to 607.770 metric tons.

COSMOS cannot interfere with oil prices in the local market as its main purpose is to use the oil stocks only in cases of shortages or supply difficulties, and only after an Order by the Minister of Commerce, Industry and Tourism.