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The deal aims to enhance sustainability across the companys operations in refining and marketing in Europe
Kuwait Petroleum Internationals (KPI) Italian branch has announced the signing of an agreement to purchase a 50 percent stake in Italys ECO FOX, a company specializing in the production of biofuel, subject to obtaining the necessary local legal approvals in Italy for such deals.
Speaking to KUNA Friday, KPI CEO Eng. Shafi Al-Ajmi confirmed that this deal marks a significant advancement in developing, producing, and distributing sustainable biofuels, aligning with the goals of reducing carbon emissions in transportation fuels, particularly in line with KPIs energy transition strategy by 2050.
Al-Ajmi commented that this process reflects their concrete aim to lead in the development and distribution of various alternative fuel types, supporting their customers shift to new and innovative fuel options.
He conveyed reverence with this crucial achievement, underscoring the companys commitment to energy transition, in response to customer demand in the Italian markets.
The deal aims to enhance sustainability across the companys operations in refining and marketing in Europe, he added, noting their commitment to environmental, social, and economic success.
For his part, Vice President of Marketing at KPI Eng. Fadel Al-Faraj told KUNA that this agreement will enhance competitiveness in Italian markets, demonstrating their commitment to strengthening the companys brand, especially in the long term, across Europe and Italy.
The agreement aims to diversify income sources through energy transition and demonstrates the companys commitment to implementing the United Nations Sustainable Development Goals, mainly those concerning partnerships, he mentioned.
Al-Faraj stated that at KPI, partnerships are vital for achieving common goals in energy transition, emission reduction, and achieving Kuwait Petroleum Corporations (KPC) strategic objectives as the leading subsidiary shifting towards organic fuel production.
ECO FOX, a pioneer in the organic fuel market since the 1990s, operates a factory in Vasto, Italy, with an annual production capacity of 200,000 tons, specializing in high-quality advanced bio-diesel fuels and associated industrial products.
Established in 1983, KPI is a global marketing company under KPC, managing over 4,700 retail fuel and transport service stations across Europe.
KPI supplies aviation fuel to over 70 international airports, manufacturing high-quality oils globally, and holds stakes in three refineries in Italy, Vietnam, and Oman through partnerships with international oil companies.
KPI manages over 2,800 retail fuel stations in Italy, focusing on marketing diverse products including vehicle fuel for companies and individuals, and operates in retail sales through a 50 percent partnership with Italian company Eni at the Milazzo refinery. |
