" Kuwait International Petroleum" has signed an agreement to purchase 50% of "Ecofox" company, a leading operator in the organic fuel market.
Kuwait Petroleum International's Acquisition
Kuwait Petroleum International - Italy branch - has announced the acquisition of 50% of Ecofox, a company that specializes in producing organic fuel called "Biofuel." This acquisition aims to develop, produce, and distribute sustainable organic fuels to reduce carbon emissions in transportation fuels. The company's CEO, Shafi Al-Ajmi, sees this deal as a pioneering step towards energy transformation by 2050.
Enhancing Sustainability
The goal of this acquisition is to enhance sustainability in the company's refining and marketing activities, focusing on environmental, social, and economic success in Europe. The Executive Vice President of Marketing Operations, Eng. Fadel Al-Faraj, believes that this agreement will strengthen the company's competitive position in the Italian markets and align with the United Nations sustainable development goals.
Ecofox's Leading Role
Ecofox has been a key player in the organic fuel market since the 1990s, owning a factory in Vasto, Italy, with a production capacity of 200,000 tons annually. They produce high-quality biodiesel fuels and associated products for industrial use.
Kuwait Petroleum International's Global Presence
Established in 1983, Kuwait Petroleum International is a global marketing company affiliated with the Kuwait Petroleum Corporation. They operate a vast network of retail fuel stations in Europe and supply aviation fuel to international airports.
High-quality Oils
The company also owns shares in refineries in Italy, Vietnam, and Oman, focusing on manufacturing and marketing high-quality oils. In Italy, Kuwait Petroleum International operates over 2,800 retail fuel stations and collaborates with the management of the Milazzo Refinery in a 50% partnership with the Italian company Eni.
This acquisition marks a significant step towards energy transformation and reducing harmful emissions in the environment.
Source: Aljarida
