Eco Fox, new joint venture between Q8 and Fox Petroli

ROME (ITALPRESS/MNA) – Q8 Italy and Fox Petroli today signed the final deed of purchase by Q8 of 50% of Eco Fox S.r.l., a company totally controlled by Fox Petroli.

Eco Fox has been operating in the biogenic fuel market in Italy since the 1990s, producing a range of advanced biodiesel and by-products for industrial use. It has a factory located in Vasto with a production capacity of 200,000/tons, a fiscal warehouse of 30,000 m3 of storage and supporting logistics capable of receiving and shipping products by sea and land.

The acquisition of the company shares by Q8 was approved by the Directorate General for Competition of the European Union, by the Competition and Market Authority and subjected to the Golden Power regulations (Law 21/2012 and subsequent amendments).

The first Eco Fox Board of Directors meeting was also held today and is made up of two Managing Directors, represented by the two shareholders and five Board Members, of which 3 appointed by Ecofox and 2 by Q8 Italia.

Fadel Al Faraj, Executive Vice President Marketing of Kuwait Petroleum International described this agreement as a “particularly important acquisition”, representing a starting point for the Q8 group in implementing its vision of becoming a leading player in the production of sustainable biofuels in Europe.

“This year in which the Q8 brand celebrates 40 years in Italy, our history is intertwined with the evolution of our supply chain to guarantee customers sustainable mobility, integrated into our business model, which also ensures the value of the company in the long term and facilitates a fair and sustainable energy transition,” said Al Faraj, describing it, “a complex challenge but achievable with the support of our precious ecosystem of stakeholders”.

– Photo Q8 press office –


Source: medNews