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(Kuwait Petroleum International) signs an agreement to purchase 50 percent of (Ecofox) with the aim of acquisition

16-03-2024

Kuwait Petroleum International, Italy branch, announced the signing of an agreement to purchase 50 percent of Ecofox, a company specializing in the manufacture of organic fuels (Biofuel), with the aim of acquisition, as the process will take place after obtaining the local legal approvals required in Italy for such deals. The company’s CEO, Engineer Shafi Al-Ajmi, confirmed in a statement to Kuwait News Agency (KUNA) today, Friday, that this deal constitutes a “pioneering step” to develop, produce, and distribute sustainable organic fuels in line with the goals of reducing carbon emissions in fuels used for transportation, especially in a way that serves the strategy of the Kuwait Petroleum International Company. for energy transition by 2050. Al-Ajmi said, “This process clearly demonstrates our goal of leadership in developing and distributing alternative fuels to support our customers’ transition to new and innovative types of fuel.” He expressed his pride in this achievement, which is considered extremely important to the company, as this deal confirms the company's interest in energy transformation in response to the desire of its customers in the Italian markets. He added that this deal aims to enhance sustainability throughout the company's refining and marketing activities, noting the company's dedication to enhancing environmental, social and economic success in its operating units in Europe. For his part, the company's Executive Vice President of Marketing Operations, Eng. Fadel Al-Faraj, told KUNA, "This agreement will enhance the competitive position in the Italian markets, which confirms our interest and commitment to strengthening the company's brand, especially in the long term, whether within Europe or Italy." He added that the agreement "not only aims to diversify sources of income in terms of energy transformation, but it also demonstrates the company's commitment to implementing the United Nations sustainable development goals for the partnership." Al-Faraj stated, "We at (Kuwait Petroleum International) believe in the importance of partnership in order to achieve our common goals in energy transformation and reducing harmful emissions to the environment, in addition to achieving the strategic goals of the Kuwait Petroleum Corporation as the first of the subsidiaries to move towards manufacturing organic fuels." Ecofox has been considered the leading operator in the organic fuel market since the 1990s and owns a factory located in the Italian city of Vasto with a production capacity of 200,000 tons annually. It also produces a range of advanced biodiesel fuels of the highest quality, in addition to associated products for industrial use. Kuwait Petroleum International was established in 1983 and is a global marketing company affiliated with the Kuwait Petroleum Corporation. It operates a huge and wide network of retail fuel stations and stations serving designated transportation routes in Europe, numbering more than 4,700 stations. The company also supplies global air navigation with aviation fuel at more than 70 international airports, in addition to manufacturing and marketing one of the best and finest types of oils in the world. It owns shares in three international refineries in Italy, Vietnam and Oman through partnerships with international oil companies. The company includes more than 2,800 retail fuel stations in Italy and specializes in marketing and distributing multiple products, most notably vehicle fuel for companies and individuals. The company works through the refining division on retail sales in cooperation with the management of the Milazzo Refinery in a 50 percent partnership with the Italian company Eni.