Kuwaiti oil major to buy 50% of Italian biodiesel producer 

Creative Commons

The Italian subsidiary of Kuwait Petroleum International (KPI), the international downstream subsidiary of state-owned Kuwait Petroleum Corporation (KPC), has signed an agreement to purchase 50 percent of Eco Fox, an Italian biofuel producer.

The deal will help develop, produce and distribute sustainable biofuels that will reduce carbon emissions in the transportation sector, state-owned Kuna news agency reported, citing CEO Shafi Al-Ajmi.

It will further enhance sustainability across KPI’s operations in refining and marketing in Europe, he added.

KPI vice president of marketing Fadel Al-Faraj said that partnerships are vital for achieving common goals in energy transition, emission reduction, and achieving the objectives of KPC to move towards organic fuel production.

The value of the deal was not disclosed.

Eco Fox operates a facility in Vasto, Italy, which has an annual production capacity of 200,000 tonnes.

Established in 1983, KPI is a global marketing company under KPC, managing over 4,700 retail fuel and transport service stations across Europe.

It supplies aviation fuel to over 70 airports, manufactures high-quality oils, and holds stakes in three refineries in Italy, Vietnam and Oman in partnership with global oil companies.

KPI manages over 2,800 retail fuel stations in Italy and operates in the retail sector through a 50 percent partnership with Italian company Eni at the Milazzo refinery.