This archive report was first published on 23 December 2019.
On December 13, 2019, French multinational Rubis Energie finalized the acquisition of Gulf Energy Holdings Limited through its local subsidiary KenolKobil.
The deal, which was announced on November 4, 2019, marked one of the shortest transaction periods, with Rubis completing the purchase in just six weeks.
With the acquisition, Rubis now holds a combined 20 percent market share in Kenya, surpassing Total Kenya and Vivo Energy Kenya.
According to data from the Petroleum Institute of East Africa, KenolKobil had a market share of 15.4 percent in the quarter ended June, while Gulf Energy had a market share of 5.8 percent in the same period.
The acquisition is in line with Rubis' development strategy, aiming to strengthen its position in an area with strong growth in energy demand.
Gulf Energy, with 46 petrol stations, had cumulative volumes of 470,000 cubic meters of petroleum products last year, generating sales of €320 million (Sh36.7 billion) in 2018.
