In 1990, Gilles Gobin founded Rubis Investment & Cie. In June 1992, it purchased and then merged with the investment company Penhoët to form RUBIS Energy. Rubis is an independent French operator specializing in three business areas:
The distribution of petroleum products (service station networks, commercial fuel oil, aviation fuel, LPG, bitumens, etc.), with operations in Europe, the Caribbean, and Africa through our subsidiary Rubis Énergie;
Support and services, alongside our downstream petroleum products distribution activity, with a midstream position, grouping together refining, trading-supply, and shipping operations;
Storage through our subsidiary Rubis Terminal, providing storage of liquid products for our customers (petroleum, chemical, and agri-food products). Rubis Terminal is a leader in France and also holds operations in the Netherlands, Belgium, and Turkey.
Since 2000, It has expanded its presence across three regions, (Africa, Europe, and the Caribbean) through direct investments and acquisitions. The Group has enjoyed strong, regular progress driven by organic growth, new sites, and acquisitions, while also constantly improving its productivity.
It’s now a major player in the fuels distribution business in Kenya. In March 2019, the company acquired the assets owned and operated by KenolKobil PLC, and later Gulf Energy Holdings in November 2019.
The acquisitions meant that Rubis becomes a formidable competitor in the regional downstream business.
Amount Spent to Acquire KenolKobil PLC and Gulf Energy Holding.
Rubis Energie spent Sh9.72 billion (€84 million) in acquiring Gulf Energy Holdings Limited Kenya, deepening its grip on the local oil market.
The disclosure is contained in Rubis’ 2019 annual results which indicate that the transaction had pushed up its total investment in East Africa by 26.9 percent to Sh45.82 billion (€396 million).
Rubis completed the acquisition of Gulf mid-December last year. This was barely eight months after paying €312 million (Sh36 billion) to buy shares of another local oil marketer KenolKobil.
“The €396 million in acquisitions of financial assets relate to the takeover of KenolKobil and Gulf Energy Holding, representing the total investment made by the Group in East Africa,” Rubis says in results published last week.
The blocked figure of €396 million is up from €312 million that had been disclosed before the Gulf acquisition. The difference, therefore, relates to this second transaction.
The acquisition of Gulf, through KenoKobil, solidifies the French major’s control in market share in Kenya.
KenolKobil had a market share of 14.1 percent at the end of September last year while that of Gulf stood at 4.6 percent in the same period, according to data from the Petroleum Institute of East Africa.
Rubis’s interest in the local oil market will be 18.7 percent compared to that of them closest rival Total Kenya (12.6 percent), also a French-controlled company.
Allegations; Rubis Energy, Behind Fuel Price Hike
Rubis Energy, a firm associated with Kenyatta Family has been attributed to the recent increase in fuel prices. The price has leaped by over Ksh 20 a liter in under 2 months.
Rubis recently acquired a 100% stake in Kenol Kobil for Ksh 27 Billion. Prior to the acquisition — which has been termed a merger by the Competition Authority to enable evasion of tax –, Kenol Kobil had acquired Gulf Energy in anticipation of the buyout by Rubis.