Ryanair has moved a step closer to buying Cyprus Airways

The budget airline was among nearly 20 companies that had expressed interest in a possible takeover of the struggling airline. It is believed they did so only at the request of the Cypriot government.

For Ryanair, it would be a successful expansion in Cyprus for its first flights outside Europe to Moscow, Tel Aviv, Beirut and beyond. “We are involved in the process and hope something will come of it. It’s a very political process down there” O’Leary said yesterday.

Chief marketing officer of Ryanair, Kenny Jacobs, said they will submit theirne proposal for Cyprus Airways in the predetermined time until Friday’s bid deadline. Cypriot officials say they expect about 15 different proposals. The new owner of the state-controlled airline is expected to be announced in early October.

Ryanair CEO Michael O’Leary believes he can boost annual passenger numbers to three million from the current 600,000. “It’s an interesting part of Europe that is poorly served,” Jacobs said. “It would bring a lot of growth.”

Ryanair is also expanding destinations from business travelers, who are typically willing to pay higher fares. In announcing some of its summer schedules for next year, Ryanair would increase flights from London to Cologne and Edinburgh, and from Dublin to Brussels.