BusinessFeatured

Kuwait Petroleum International’s Italian branch acquires 50% stake in Ecofox

The agreement marks a pioneering step in developing, producing, and distributing sustainable organic fuels in alignment with the goals of reducing carbon emissions in transportation fuels

  • The Ecofox agreement boosts Kuwait Petroleum International’s competitiveness in Italian markets, affirming its commitment to fortify the company’s brand in Europe and Italy over the long term.

The Italian branch of Kuwait Petroleum International announced on Saturday that it had signed an agreement to purchase a 50 percent stake in the Italian company Ecofox, specializing in manufacturing organic fuels, as part of an acquisition deal.

The Kuwaiti Ministry of Oil posted on the “X” platform, stating, “This deal marks a pioneering step in developing, producing, and distributing sustainable organic fuels in alignment with the goals of reducing carbon emissions in transportation fuels,” without disclosing the deal’s size.

Kuwait Petroleum International’s Italy branch” stated in a statement that an agreement has been signed to purchase 50 percent of Ecofox, a company specializing in manufacturing organic fuels (Biofuel), with the aim of acquisition. The process will take place after obtaining the necessary local legal approvals in Italy for such deals.

According to the statement, the company’s CEO, Engineer Shafi Al-Ajmi, confirmed that this deal constitutes a “pioneering step” to develop, produce, and distribute sustainable organic fuels in line with the goals of reducing carbon emissions in transportation fuels. This initiative is especially aimed at serving Kuwait Petroleum International Company’s strategy for energy transformation by 2050.

Al-Ajmi said, “This process clearly demonstrates our goal of pioneering the development and distribution of alternative fuels to support our customers’ transition to new and innovative types of fuel.”

He expressed his pride in this achievement, which is considered extremely important for the company, as this deal confirms the company’s interest in energy transformation in response to the desires of its customers in the Italian markets.

He added that this deal aims to enhance sustainability throughout the company’s refining and marketing activities, noting the company’s dedication to enhancing environmental, social, and economic success in its operating units in Europe.

For his part, the company’s Executive Vice President of Marketing Operations, Eng. Fadel Al-Faraj, said, “This agreement will enhance our competitive position in the Italian markets, which confirms our interest and commitment to strengthening the company’s brand, especially in the long term, whether within Europe or Italy.”

He added that the agreement “not only aims to diversify sources of income in terms of energy transformation, but also demonstrates the company’s commitment to
implementing the United Nations’ sustainable development goals through partnerships.”

Al-Faraj said, “We at Kuwait Petroleum International believe in the importance of partnerships to achieve our common goals in energy transformation and reducing harmful emissions to the environment. Additionally, we aim to achieve the strategic goals of Kuwait Petroleum Corporation as the first of its subsidiaries to transition towards manufacturing organic fuels.”



Read Today's News TODAY...
on our Telegram Channel
click here to join and receive all the latest updates t.me/thetimeskuwait





Back to top button