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Q8 Italia to acquire 50% stake in biodiesel producer

Q8 Italia to acquire 50% stake in biodiesel producer
On March 15, 2024, Marco De Simoni (left), President of Fox Petroli, and Fadel Al Faraj, EVP of Marketing at Kuwait Petroleum International signed an agreement whereby Q8 Italia would acquire 50 percent of the shares of Eco Fox, a leading operator in the Italian biofuels sector (photo courtesy Q8 Italia).

In Italy, Q8 Italia, a subsidiary of Kuwaiti oil refiner Kuwait Petroleum Corporation (trading as Q8), and compatriot petroleum distributor Fox Petroli S.r.l have signed an agreement for the sale of 50 percent of the shares of Eco Fox S.r.l, a leading Italian producer of biodiesel.

Q8 Italia and Fox Petroli announced that they reached an agreement for the purchase by Q8 Italia of a 50 percent stake in Eco Fox, a company controlled by Fox Petroli.

The acquisition by Q8 Italia the value of which has not been disclosed, is subject to market and regulatory approval.

Operating since the 1990s, Eco Fox is a pioneer in the Italian biofuels market. The company owns a biodiesel plant in Vasto with an annual production capacity of 200,000 tonnes.

It has supporting logistics capable of receiving and shipping products by sea and land and a fiscal warehouse of 30,000 m3 of storage. The products are certified according to International Sustainability and Carbon Certification (ISCC), and the Italian National System for Certification of the Sustainability of Biofuels and Bioliquids.

Today’s agreement is particularly significant, as it will allow the Q8 group to enter directly into the production chain of sustainable liquid biofuels, which already today make a concrete contribution to the decarbonization of the transport sector. This is fully in line with the primary role played by the company for environmentally and socially sustainable mobility. An investment consistent with the future sustainable energy scenario in which we believe that there must be a mix of energy sources and vectors all capable of making their own contribution to the reduction of CO2 while ensuring the country’s energy security and avoiding dependence on a ‘single technology’, said Fadel Al Faraj, EVP of Marketing at Kuwait Petroleum International.

Q8 is one of the main Italian players in the energy sector which guarantees the mobility of people and goods. The company is active in the entire integrated downstream cycle, from refining to the final consumer thanks to a widespread network of service stations distributed throughout the national territory and logistics that develop consistently to support the entire distribution network.

Q8 is also active, through other Group companies, in the direct sales market (Wholesale), of lubricants and fuels for marine and aviation.

A significant evolution of our business model will allow the FOX group to consolidate its experience in the biogenic fuel market and strengthen the strategic development increasingly oriented towards the country’s energy transition. Opening the entry of 50 percent into the share capital of Eco Fox to a partner like Q8, an industrial partner of guaranteed reliability and with a consolidated sustainability strategy, will allow us to benefit from the multiple synergies in the logistics and distribution field, which will derive from the new shareholder structure and the productive meeting of different corporate cultures to maximize the path of continuous growth, said Marco De Simoni, President of Fox Petroli.

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