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Q8 Italy and Fox Petroli Become Equal Partners in Eco Fox, a Leading Operator in the Biogenic Fuel Sector.
Rome/Pesaro, June 26, 2024 – Today, Q8 Italy and Fox Petroli finalized the definitive agreement for Q8's acquisition of 50% of Eco Fox S.r.l., a company previously fully owned 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. The company has a production facility in Vasto with a capacity of 200,000 tonnes, a tax warehouse with a storage capacity of 30,000 cubic meters, and a supporting logistics infrastructure capable of receiving and shipping products by sea and by land.
The acquisition of Eco Fox's shares by Q8 has been approved by the Directorate-General for Competition of the European Union, the Italian Competition Authority, and is subject to Golden Power regulations (Law 21/2012 and amendments).
On the same day, the first Board of Directors meeting of Eco Fox took place, with the Board now composed of two CEOs, representing the two partners, and five Directors, three appointed by Eco Fox and two by Q8 Italy.
“This acquisition is particularly important,” stated Fadel Al Faraj, Executive Vice President of Marketing at Kuwait Petroleum International, “as it represents a starting point for the Q8 group in implementing its vision to become a key player in the production of sustainable biofuels in Europe. In this year when the Q8 brand celebrates 40 years in Italy, our history intertwines with the evolution of our supply chain to ensure sustainable mobility for our customers, integrated into our business model. This approach ensures the long-term value of the company and facilitates a fair and sustainable energy transition. It’s a complex challenge," Al Faraj continued, “but achievable with the support of our valuable ecosystem of stakeholders.”
“We are very excited about this new joint venture with a company like Q8 Italy, part of a prestigious international group,” said Marco De Simoni, President of Fox Petroli. “We are confident that the renewed corporate structure, in addition to creating significant synergies in the logistics and distribution sectors, will enable the FOX group to strategically strengthen its future development plans, making it increasingly competitive in the target market. This will be achieved through the productive meeting of different corporate cultures but with the same corporate vision to contribute concretely to the energy transition of the country.”
All commercial details of the agreement remain confidential.
Q8 is one of Italy's leading energy players, ensuring the mobility of people and goods. The company operates throughout the entire integrated downstream cycle—from refining to the final consumer—thanks to a comprehensive network of service stations distributed across the country and a supporting logistics infrastructure. Q8 is also active, through other Group companies, in the direct sales market (off-network), as well as in the marine and aviation fuel sectors. At the heart of Q8's strategy is the sustainability of its business, pursued by combining environmental protection, social development, and economic growth in synergy.
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