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Q8 Italy and Fox Petroli Sign Agreement for the Transfer of 50% of Eco Fox Shares, a Leading Operator in the Biogenic Fuel Sector.
Rome/Pesaro, March 15, 2024 – Q8 Italy and Fox Petroli announce they have reached an agreement for Q8's acquisition of 50% of Eco Fox srl, a company fully controlled by Fox Petroli.
The acquisition of shares by Q8 is subject to the approval of the Italian Competition Authority and the provisions of the Golden Power regulation (Law 21/2012 and subsequent amendments).
Eco Fox, a pioneering operator in the biogenic fuel market in Italy since the 1990s, owns a plant located in Vasto with a capacity of 200,000 tonnes per year that produces a range of advanced biodiesel and by-products for industrial use. It also has supporting logistics capable of receiving and shipping products by sea and land, along with a 30,000 cubic meter tax warehouse. The company adheres to undisputed standards of excellence, evidenced by numerous independent certifications, including ISCC (International Sustainability & Carbon Certification), the Italian National System for Certification of Biofuel and Bioliquid Sustainability, as well as ISO 9001:2015 for Quality, 45001:2018 for Occupational Health and Safety, and 14001:2015 for Environment.
“This agreement is particularly significant as it will allow the Q8 group to directly enter the sustainable liquid biofuel production chain, which already contributes significantly to decarbonizing the transportation sector today," said Fadel Al Faraj, Executive Vice President of Marketing at Kuwait Petroleum International. "This is fully in line with the company's primary role in promoting environmentally and socially sustainable mobility," Al Faraj continued. "This investment is consistent with a sustainable future energy scenario in which we believe there should be a mix of energy sources and carriers, all contributing to reducing CO2 emissions while ensuring the country's energy security and avoiding dependency on a single technology."
"A significant evolution of our business model that will allow the FOX group to consolidate its experience in the biogenic fuel market and strengthen its strategic development, increasingly geared towards the energy transition of the country," declared Marco De Simoni, President of Fox Petroli. "Opening 50% of Eco Fox’s share capital to a partner like Q8, an industrial partner of unquestionable reliability with a well-established sustainability strategy, will allow us to benefit from multiple synergies, also in the logistical and distribution fields, that will arise from the new corporate structure and the productive meeting of different corporate cultures, maximizing the path of continuous growth."
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 is active across the entire integrated downstream cycle, from refining to the end consumer, thanks to an extensive network of service stations distributed throughout the country and a logistics network developed to support the entire distribution chain. Q8 is also active, through other Group companies, in the direct sales (off-network) market, as well as in the lubricant and marine and aviation fuel markets. Sustainability is at the heart of Q8's business strategy, which pursues environmental protection, social development, and economic growth in synergy.
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