Kuwait Petroleum International Partners With Italy’s Fox Petroli To Produce Biofuels In A First
Kuwait Petroleum International (KPI) has completed its acquisition of a 50% stake in Eco Fox SRL, an Italian biofuels producer owned by Fox Petroli. The European Union's Directorate-General for Competition approved the deal, which marks Kuwait Petroleum Corporation's (KPC) first entry into the biofuel sector. The acquisition supports KPC and its subsidiaries' Energy Transition 2050 strategy.
KPI CEO Shafi Al-Ajmi said the deal would help provide sustainable fuel to customers across Europe, particularly in Italy, and align with KPI's strategy to grow its market share while diversifying its products in line with European demand. He also praised the role of national talent in identifying global investment opportunities and advancing the company's operations in European markets.
Fadel Al-Faraj, Executive Vice President for Marketing at KPI, said the acquisition was significant as it marked a starting point for the Q8 brand to become a leader in sustainable biofuel production in Europe. He added that Fox Petroli had been operating in Italy's biofuel market since the 1990s, producing advanced biodiesel and byproducts for industrial use.
Eco Fox has a production plant with an annual capacity of 200,000 tons, a bonded warehouse with a storage capacity of 30,000 cubic meters, and logistical support for receiving and shipping products by sea and land. KPI manages over 4,700 retail fuel and transport service stations across Europe and supplies aviation fuel to more than 70 international airports. It also holds stakes in refineries in Italy, Vietnam, and Oman through partnerships with international oil companies.
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