Kuwait Petroleum International (KPI), Q8’s Italian branch has stated that it has signed an agreement to purchase a 50 percent stake in Italian biodiesel producer, EcoFox, as part of efforts to reduce its fossil-fuel emissions.
Q8 is the international arm of Kuwait Petroleum Corporation. the company intends to refine and market fuel, lubricants, and other various petroleum derivatives, globally. Q8 has three Joint Venture refineries located in Italy, Vietnam, and Oman.
The Kuwaiti Ministry of Oil posted on the X platform that, “This deal marks a pioneering step in developing, producing, and distributing sustainable organic fuels in alignment with the goals of reducing carbon emissions in transportation fuels,” without disclosing the deal’s size.
EcoFox, a company controlled by Fox Petroli, owns a biofuel plant in Italy with a capacity of 200,000 tons per year that produces advanced biodiesel and by-products for industrial use.
KPI’s CEO, Engineer Shafi Al-Ajmi, confirmed 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 transportation fuels. This initiative is especially aimed at serving Kuwait Petroleum International Company’s strategy for energy transformation by 2050.
“This process clearly demonstrates our goal of pioneering the development and distribution of alternative fuels to support our customers’ transition to new and innovative types of fuel,” Al-Ajmi said.
The CEO further stated 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.”
