In recent months, rumors have linked Rubis Energy, a major petroleum company in Kenya, with the family of former President Uhuru Kenyatta.
The rumors were sparked after President William Ruto claimed earlier that powerful individuals in the country’s petroleum sector were creating an artificial fuel shortage.
While these claims have not been substantiated, they have raised questions about Rubis Energy’s ownership and its role in the country’s fuel industry.
Rubis Energy is a French multinational company specializing in distributing petroleum products, including service station networks, commercial fuel oil, aviation fuel, LPG, and bitumens.
The company has operations in Europe, the Caribbean, and Africa, with a strong presence in Kenya following its acquisition of KenolKobil and Gulf Energy Holdings in 2019.
Rubis Energy’s shareholding structure includes several international and local shareholders, with Marcel Dessault, Wellington Management Group LLP, and Rubis Avenir mutual fund being some of the major shareholders.
According to the company’s website, as of 2020, 85.74 per cent of Rubis was owned by investors in a free float, Supervisory board (0.13 %), General Partner managers (2.21%), Marcel Dessault (5.45%), Wellington Management Group LLP (5.08%), Rubis Avenir mutual fund (1.32%), and Treasury shares (0.06%).
However, the shareholding structure has changed following the company’s entry into Africa.
According to Market Screener, Marcel Dessault has since increased its ownership in the company, reducing the free float ownership.
Rubis Energy Kenya is now 100% owned by Rubis Energie following the full acquisition of KenolKobil and Gulf Energy Holdings in 2019.
Despite these changes, rumors persist that the Kenyatta family has a stake in Rubis Energy. While these rumors have not been confirmed, they have fueled speculation about the role of powerful individuals in Kenya’s fuel industry and the potential impact on the country’s economy.
Despite these challenges, Rubis Energy remains a major player in the Kenyan fuel industry, with a strong retail network of over 230 service stations under the Gulf Energy, Kenol, Kobil, and Rubis brands. The company is also a leading supplier of LPG for domestic and commercial use and a key player in the aviation fuel industry.
Rubis Energy’s success in the petroleum industry is attributed to its strong leadership and commitment to excellence.
The company has a dedicated team of professionals who work tirelessly to ensure that customers receive the best quality products and services. The company is also committed to environmental sustainability and has implemented various measures to reduce its carbon footprint.