KPI acquires Shell’s shares in Italy

Kuwait Petroleum International (KPI) said it has reached an agreement with Shell for the acquisition of shares in the companies containing Shell’s retail, supply and distribution logistics and aviation businesses in Italy. The KPI said in a release received by Kuwait News Agency (KUNA) that it had signed the agreement following the obtainment of necessary approvals from relevant authorities. Shell distributes and markets petroleum products in Italy through a retail network of more than 800 outlets, mainly located in Northern Italy supported by an efficient logistic structure. The retail network will be converted to the Q8 brand, the KPI said. In the aviation business, Shell operates in the most important Italian airports supplying aviation fuels. Managing Director of Kuwait Petroleum Italia SpA Alessandro Gilotti said: “Thanks to this operation Kuwait Petroleum will be able to deploy a highly professional workforce which will constitute the foundation of a company positioned to compete successfully in the Italian oil market over the long term.”