Establishment
The Cyprus Organisation for Storage and Management of Oil Stocks (KODAP) is a public body founded and operating under the Maintenance of Oil Stocks Law of 2003 to 2014 and the European Directive 2009/119/EEC.
KODAP was founded for the purpose of harmonization with European Directive 68/414/EEC, imposing an obligation on member states of the European Union to maintain minimum stocks of crude oil and/or petroleum products.
KODAP is a non-profit semi-governmental organisation operating under the supervision of the Minister of Energy, Commerce, Industry and Tourism of Cyprus.
Mission
The mission of KODAP 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 Energy, Commerce and Industry 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.
KODAP has the obligation to maintain quantities that are equal to 90 days of inland consumption. The minimum oil stocks that are maintained 2020 by KODAP are prescribed in an Order by the Minister. For 2019-2020, these amounted to 575.000 metric tons.
KODAP 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 Energy, Commerce and Industry .
Legislation
National Legislation:
European Union Legislation:
KODAP Members
Members of KODAP are entities that import oil products in Cyprus for commercial purposes.
Members of KODAP are:
- Electricity Authority Cyprus (EAC)
- BP Eastern Mediterranean
- Hellenic Petroleum Cyprus Ltd
- ExxonMobil Cyprus Ltd
- Coral Energy Cyprus Ltd
- Petrolina (Holdings) Public Ltd
- PPT Aviation Services Ltd
- Vassiliko Cement Works Public Limited Company
Board of Directors
The Board of Directors consists of nine natural persons. Six members of the Board of Directors are appointed by the Council of Ministers for a three-year term of office:
- an independent Chairman;
- a representative of the Ministry of Energy, Commerce and Industry, who shall be the Vice-Chairman of the Board of Directors;
- a representative of the Ministry of Finance;
- a representative of the Ministry of Communications and Works;
- a representative of the Ministry of the Interior; and
- a representative of the Electricity Authority of Cyprus.
The remaining three members of the Board of Directors are members of KODAP or representatives of the members of KODAP elected by the General Assembly for a three-year term of office.
The current composition of the Board of Directors is:
- Chairman
- Kiki Papadopoulou – Chartered Accountant, BA/MA (Cantab) FCA
- Vice Chair-person
- Maria Passadi (Senior Commerce and Industry Officer)
- Members
- Stelios Neophytou – Senior Economic Officer, Ministry of Finance
Thekla Kadi – Senior Executive Engineer, Public Works Department, Ministry of Transport, Communications and Works
Kyriakos Kouros – Director of Technical Services, Ministry of Interior
Alexis Michael – Executive Generation and Supply Manager - Elected by Members:
- Mikaella Lefkariti
Margarita Papaspyrou
Constantinos Karaolis - Director General
- George A. Karagiorges
- Secretary
- Nicolas Tsioutis
- External Auditors
- Nexia Poyiadjis Limited
- Legal Advisors
- M. Eliades & Partners LLC