Kuwait’s Q8 buys 50% of biofuel manufacturer Eco Fox
Italy
ROME, March 18, 2024 – Kuwait Petroleum Italia, a subsidiary of Kuwait Petroleum Corporation’s international refining arm, Q8, announced on Friday it has reached an agreement for the purchase of 50% of Italian biofuel manufacturer Eco Fox.
The deal is significant for Q8 because it obtains assets in the biofuel production chain, advancing the company’s plans to increase the supply of alternative fuels through its European retail distribution network.
Eco Fox, a subsidiary of Fox Petroli, produces 200,000 tpy of biodiesel and bioliquids used in cogeneration, as well as derivative products for industrial and agricultural use. Its manufacturing facilities on Italy’s Adriatic coast include 30,000 cubic metres of storage, as well as logistics infrastructure for receiving and delivering products by land and sea.
The value of the deal was not disclosed.
Q8 is currently in the process of introducing biofuel production capabilities at its refinery in Milazzo, Sicily, a 50% joint venture with Eni that turns out 10 million tpy of refined products.
Present in the Italian market since 1984, Q8 has about 2,700 branded petrol stations in the country. The company also has an aviation business that supplies conventional fuel and SAF at 70 airports in Europe.
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