On Saturday, the Italian branch of Kuwait Petroleum International (KPI), Q8, announced its plan to acquire a 50% ownership stake in EcoFox, an Italian biodiesel producer, as part of its initiatives to reduce fossil-fuel emissions.
The Kuwaiti oil ministry stated on X that this agreement signifies a pioneering endeavor aimed at developing, producing, and distributing sustainable organic fuels, aligning with objectives to diminish carbon emissions in fuel. However, the specific value of the transaction was not disclosed.
EcoFox, under the ownership of Fox Petroli, operates a biofuel plant in Italy with a production capacity of 200,000 tonnes per year. The plant specializes in advanced biodiesel production and the manufacturing of by-products for industrial applications.
According to the Kuwaiti official news agency KUNA, KPI is involved in supplying aviation fuel to more than 70 international airports, producing high-quality oils, and holds stakes in three refineries located in Italy, Vietnam, and Oman in collaboration with other oil companies.
