Kuwait Petroleum International (KPI)'s Italian office is set to acquire a 50% stake in Italian biofuels firm Eco Fox, KPI’s CEO Shafi Taleb Al-Ajmi told Kuwait News Agency (Kuna) on Friday. The financial details of the agreement were not disclosed and the agreement is pending approval from Italian authorities.

Why is this important? The acquisition will support KPI’s goals of developing, producing and distributing alternative fuels, Al-Ajmi told Kuna, adding that it also aims to help the company achieve its 2050 energy transition targets. KPI supplies fuel to 70 international airports and manages 2.8k gas stations in Italy, Kuna notes.

About Eco Fox: Eco Fox is an Italian renewable fuel producer and distributor which produces biodiesel made from vegetable oil, animal fat, and recovered used cooking oil. The company’s plant has a production capacity of 200k tons per year. Eco Fox also produces byproducts including glycerine, acid oils and potassium salts which can be used in agriculture.

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