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Sidara said the transaction marks a transformational milestone for the group and advances its long-term strategic ambition to expand its energy offering to clients worldwide.

With the acquisition, Be8 increases its installed annual capacity to nearly half a billion gallons, consolidating a 15 percent share of the national market.

Under the new operating company Xanthos S.r.l., the plant has a refining capacity of 8,000 tons per month and can perform several industrial processes.

The proposed transaction is intended to reinforce the development of a low-carbon fuels platform designed to accelerate sustainable aviation fuel.