This archive report was first published on 6 November 2019.
On November 4, 2019, Rubis Energie signed a share purchase agreement to acquire Gulf Energy Holdings Ltd, a special purpose company housing part of the oil marketing assets and businesses of Gulf Energy Ltd.
Gulf Energy, the fourth largest oil marketer in Kenya with a 20 per cent market share, generated a turnover of $320 million (Sh33 billion) last year.
The company has 46 petrol stations and operates in all market segments, including retail of fuel, aviation fuels, cooking gas, and lubricants. It also has contracts with power plants and large industrial consumers.
Rubis Energie, which acquired KenolKobil for Sh36 billion in March, aims to increase its share of the retail oil marketing business in Kenya.
According to Rubis, the Kenyan market is 'fast-growing', especially in terms of energy demands. The acquisition is subject to approval by the relevant regulatory and competition authorities.
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