Cyprus-based Cypriot company buys U.S. company for $15.3M
Posted On July 13, 2021
Cypriots and the U.N. have signed a deal that will see Cyprian oil giant BP pay $15 million to the U,S.
firm that makes its filters for the country’s water.
The agreement, announced Monday, comes after the Cypriak government banned BP from importing its filters from the country because of safety concerns.
Cyprio President Nikos Anastasiades signed the agreement after the company said it would suspend its production of the filters.
The Cypriastan government said in a statement that the agreement “will ensure that the safety of Cyprians and the citizens of Cyprus is protected at all times.”
The Cyro, the island’s official name, has a population of more than 40 million and has a per capita income of around $6,000.
Cyprus has had a long history of exporting oil to the rest of the world, but the country was one of the first nations to impose a ban on oil exports in 2008.
Under the agreement, BP will pay $1.9 million in cash, according to a statement.
The company will also donate $50,000 to the Cyro National Fund for Public Health and Social Development, according a statement from BP.
In addition to its water filters and filters for domestic use, BP has been developing filters for foreign markets, and is now building a pipeline to the United Arab Emirates.
The deal is expected to close in the first quarter of 2019.