Kuwait, June 26 (QNA) - Kuwait Petroleum International (KPI) announced on Wednesday completing the agreement to acquire a 50 percent stake in Italy's Ecofox, a company wholly owned by Fox Petroli, which specializes in the production of biofuels.
In a statement , KPI said that this announcement follows the approval of the European Union's Directorate-General for Competition in accordance with the laws of the European Union and the Italian Republic. This deal is considered the first biofuel play by Kuwait Petroleum Corporation (KPC) in its international operations, making it achieve a key component in KPC and its subsidiaries strategy for Energy Transition 2050, the statement carried by Kuwait News Agency KUNA added.
The company in Italy has transformed from a traditional fuel supplier to a sustainable fuel partner for our customers, adding that KPI will continue to meet customer demands and achieve KPC's goals for sustainable energy transformation. It is worth noting that Fox Petroli has been operating in the biofuel market in Italy since the 1990s, producing a range of advanced biodiesel and by-products for industrial use.
The company 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 capable of receiving and shipping products by sea and land. KPI is a global marketing company under KPC, managing over 4,700 retail fuel and transport service stations across Europe.
KPI supplies aviation fuel to over 70 international airports, manufacturing high-quality oils globally, and holds stakes in three refineries in Italy, Vietnam, and Oman through partnerships with international oil companies. (QNA)