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Kuwait Petroleum International Company acquires 50% of the Italian company Ecofox for the production of biofuels

26-06-2024

Kuwait Petroleum International Company announced today, Wednesday, the completion of the procedures for acquiring a 50 percent stake in the Italian company Eco Focus, a limited liability company that works on the production of biofuels and is wholly owned by the Italian company Focus Petroleum. Kuwait Petroleum International said in a statement to Kuwait News Agency (KUNA) that this announcement came after the European Competition Commission and the Italian Competition Authority approved the completion of the deal in accordance with the laws of the European Union and the Italian Republic. She added that the achievement is considered a “pioneering event” for one of the Kuwait Petroleum Corporation companies in the field of biofuel production, which is one of the most important goals of the strategy of the Kuwait Petroleum Corporation and its companies that support sustainable energy transformation by 2050. On this occasion, the statement quoted the CEO of Kuwait Petroleum International Company, Shafi Al-Ajmi, expressing his pride in this achievement, which enhances the provision of sustainable fuel to the company’s customers on the European continent in general and the Italian market in particular. Al-Ajmi stressed the importance of the acquisition, which is in line with Kuwait Petroleum International's strategy to develop and maintain its share in the European market, in addition to diversifying the company's products in line with demand on the European continent and the global trend towards sustainability. He also highlighted the importance of the role played by national cadres in exploiting investment opportunities globally and researching every field that develops the company’s operations in European markets, expressing thanks and appreciation for the important role of the cadres in achieving this achievement. For his part, the statement quoted the company's Executive Vice President of Marketing, Fadel Al-Faraj, as saying that the acquisition is of special importance, "as it represents a starting point for the Q8 brand to become a leading company in the production of sustainable biofuels in Europe." Al-Faraj pointed out that the achievement coincides with the 40th anniversary of the founding of Kuwait Petroleum International Company, pointing out that the company in Italy has transformed from a provider of traditional fuel to a provider of sustainable fuel for its customers. In this regard, he explained that the company in Italy will continue to meet customer requests and achieve the goals of the Kuwait Petroleum Corporation towards sustainable energy transformation. The Italian company EcoFox has been operating in the biofuel market since the 1990s and produces a range of advanced biodiesel and by-products for industrial use. It has a factory with an annual production capacity of 200,000 tons, a customs warehouse with a storage capacity of 30,000 cubic meters, and logistical support that can receive and ship products by sea. And righteousness. Kuwait Petroleum International, which was established in 1983, is considered 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, with a number of more than 4,700 stations, including more than 2,800 stations in Italy. 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 highest quality oils in the world. It owns shares in three global refineries in Italy, Vietnam and Oman through partnerships with international oil companies.