By Hanadi Watfa
MADRID, July 26 (KUNA) - The Kuwait Petroleum Spain, a subsidiary of the state-owned Kuwait Petroleum International (KPI), also known by its trademark Q8, has purchased 67 fueling stations from the Saras Energia-Spain.
"The acquisition expands Q8 network in Spain to 77 stations," Q8 Chief Executive Officer Sheikh Nawaf Al-Sabah told KUNA on the sidelines of his participation in the deal signing ceremony Thursday evening.
He pointed out that Q8 aims to consolidate its presence in Spain as per its ambitious expansion strategy for European markets.
"The deal also boosts Q8 growth in Europe," he said, noting that the Q8 chain comprises over 4,700 fueling stations across Europe.
He stated that the purchased service stations would raise Q8 emblem and flag as of next December.
Sheikh Nawaf clarified that Q8 was also looking forwards to having greater presence in Italy, Belgium, Netherlands, and northwestern European countries.
The Kuwaiti company would also continue efforts to cement operation in states with promising markets, he said.
He pointed out that in addition to conventional oil, new Q8 stations would provide electric vehicle charging services.
Sheikh Nawaf stated that KIP strategy was is based on two main pillars: the first is operation growth in Europe through acquiring more fueling stations and offering a variety of services such as opening a shop in all stations in cooperation with leading retail companies.
The second is marketing of the Kuwait Petroleum Corporation's (KPC) crude oil and petroleum products which would be produced by the KPC refineries in Vietnam and soon in Oman, he noted.
"Q8 is working with KPC to find nascent markets for marketing these products," he said.
Sheikh Nawaf emphasized that the KPI strategy was giving due attention to employment of Kuwaiti cadres in international projects.
All the KIP's overseas offices were run by young and industrious Kuwaiti cadres who implement the company's strategies, he said. (end) hnd.ibi