Frederick University and Island Oil Ltd, one of the largest companies based in Cyprus operating in the marine and domestic fuels sector, recently signed a Memorandum of Understanding with the aim of collaborating in the field of Maritime and Blue Economy.

Among other initiatives, Island Oil offers scholarships to students pursuing a BSc in Maritime Studies at Frederick University, as well as other financial support schemes for the benefit of the students.

The Memorandum was signed on behalf of Island Oil by Mr. Aris Athanasiades, CFO of the company, and on behalf of Frederick University by Dr. Angelos Menelaou, Head of the Department of Maritime Transport and Commerce. The signing ceremony, held at Frederick University in Limassol on May 17, was also attended by Mr. Dimitris Lemesianos, Director of Safety, Health, Quality, Environment, and Sustainability at Island Oil, Dr. Emmanouel Nicolaides, Assistant Professor at the Department of Maritime Transport and Commerce, as well as students of the Maritime Studies Program.

Specifically, Island Oil offers two scholarships for the duration of the studies (four years), covering 50% of the tuition fees. Additionally, it financially supports students for their participation in the annual educational field trip to Europe. The field trip includes visits to sites of interest for the maritime sector such as the International Maritime Organization, the Greenwich Observatory, and the Baltic Exchange in London. Furthermore, students of the Maritime Studies Program will have the opportunity to travel to countries where Island Oil operates.

As part of the Memorandum, Frederick University will hold a series of educational workshops on marine and shipping topics for the personnel of Island Oil and/or the wider maritime industry. The two parties will also collaborate in research, in fields of mutual interest.

"Through this scholarship, Island Oil embodies its commitment to sustainability and social responsibility, reflecting the core principles of our ESG policy," stated Mr. Athanasiades. "By investing in education, we not only promote academic excellence but also nurture innovators and change-makers in the maritime and blue economy sectors who will drive positive environmental, social, and managerial progress. This initiative underscores our dedication to creating a more sustainable world for future generations."

Dr Menelaou noted: “Our connection with the industry is of great value, primarily for our students. We thank Island Oil for their support, allowing our students to familiarize themselves, even before completing their studies, with the many layers of the maritime sector. Through this Memorandum, we aim to work together, to educate tomorrow's leaders in Maritime and Blue Economy, which are constantly evolving. Further, we aim to contribute towards sustainability and the reduction of the maritime industry’s carbon footprint."