Source: Asharq Al-Awsat
Saturday 16 March 2024 11:23:32
The Italian branch of Kuwait Petroleum International (KPI), Q8, said on Saturday that it would buy a 50% stake in Italian biodiesel producer, EcoFox, as part of efforts to reduce its fossil-fuel emissions.
"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," Kuwait's oil ministry posted on X.
EcoFox, a company controlled by Fox Petroli, owns a biofuel plant in Italy with capacity of 200,000 tons per year that produces advanced biodiesel and by-products for industrial use.
KPI supplies aviation fuel to over 70 international airports, manufacturing high-quality oils, and holds stakes in three refineries in Italy, Vietnam and Oman together with other oil companies, the Kuwaiti official news agency KUNA said.