A petrol station affiliated with the Kuwait Petroleum International Company in Belgium (Getty)
Kuwait Petroleum International, Italy branch, said that it had signed an agreement to purchase a 50% stake in the Italian company Ecofox, which specializes in manufacturing organic fuels, as part of efforts to reduce carbon emissions from fossil fuels.
The Kuwait Ministry of Oil wrote on the X platform on Saturday, “This deal constitutes a (pioneering step) to develop, produce and distribute sustainable organic fuels in line with the goals of reducing carbon emissions in fuels used for transportation,” without revealing the size of the deal.
Ecofox, a subsidiary of Fox Petroleum, owns a biofuel plant in Italy with a capacity of 200,000 tons annually that produces advanced biodiesel and byproducts for industrial use.
@q8official (Italy branch) announced the signing of an agreement to purchase 50% of the company (Ecofox), which specializes in manufacturing organic fuels (Biofuel). This deal constitutes a “pioneering step” to develop, produce and distribute sustainable organic fuels in line with the goals of reducing carbon emissions in the fuel used. To navigate...for more please... pic.twitter.com/uV4Lw7OuNV
- Kuwaiti Ministry of Oil (@moo_kw) March 16, 2024
Kuwait News Agency (KUNA) said that Kuwait Petroleum International Company supplies global air navigation with jet fuel at more than 70 international airports, in addition to manufacturing and marketing one of the best and finest oils in the world. It also owns shares in 3 international refineries located in Italy, Vietnam and Oman through... Partnerships with international oil companies.
Kuwait Petroleum International was established in 1983. It is a global marketing company sold to the Kuwait Petroleum Corporation and operates a wide network of retail fuel stations and stations serving designated transportation routes in Europe, numbering more than 4,700 stations.
Source: Agencies