Oil company Q8 to buy 50% in biodiesel producer

CAIRO: The Italian branch of Kuwait Petroleum International (KPI), Q8, will 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, without disclosing the value of the deal in question.

EcoFox, a company controlled by Fox Petroli, owns a biofuel plant in Italy with capacity of 200,000 tonnes 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, according to Kuwait News Agency. — Reuters