Kuwait Petroleum International acquires 50 percent stake in Italy’s Ecofox

Kuwait Petroleum International has announced the completion of an agreement to acquire a 50 percent stake in Italy’s Ecofox, a Fox Petroli company that specializes in biofuel production.

In a statement, Kuwait Petroleum International 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 the first biofuel venture for Kuwait Petroleum Corporation’s (KPC) international operation. Therefore, it marks a key milestone in the company’s Energy Transition 2050 strategy.

Ecofox has transformed from a traditional fuel supplier to a sustainable fuel partner. For its part, Kuwait Petroleum International will support this effort to meet customer demands and achieve KPC’s goals for sustainable energy transformation.

Notably, Fox Petroli has been operating in the biofuel market in Italy since the 1990s. The company produces a range of advanced biodiesel and by-products for industrial use. Moreover, it has a production plant with an annual capacity of 200,000 tons and a warehouse with a storage capacity of 30,000 cubic meters. It also offers logistical support capable of receiving and shipping products by sea and land.

Read: Saudi Aramco emerges as world’s largest oil company with 259 billion barrels of reserves

Meanwhile, Kuwait Petroleum International is a global marketing company under KPC that manages over 4,700 retail fuel and transport service stations across Europe. The company supplies aviation fuel to over 70 international airports, manufactures high-quality oils globally, and holds stakes in three refineries in Italy, Vietnam, and Oman through partnerships with international oil companies.

For more news on energy, click here.