Monday, September 25, 2023

Rubis: April fuel shortage in Kenya made us billions

Rubis Energy Kenya raked in billions of money during the fuel shortage crisis that rocked Kenya in the first quarter of 2022.

According to financial release from the company, the shortage locked out small oil dealers and spiked its sales by 65 per cent in the six months to June.

According to Rubis Energie, the parent firm for the Kenya subsidiary, the shortage in Kenya and the demand that was largely met by Rubis saw its turnover in its African markets rise by 53.4 percent to Sh. 139.07 billion.

“The latter (Rubis Energy Kenya) also exceptionally benefited from the closure of small independent stations during the crisis that affected the market in March-April,” Rubis Energie said.

Does Kenyatta Family own Rubis Energy? See shareholders

Rubis Energy Kenya is the third biggest oil marketer with a market share of 10.73 percent, behind Vivo Energy (26.52 percent) and Total Energies (17.7 percent), data from the Petroleum Institute of East Africa shows.

The fuel shortage saw the government accuse the chief executive officer of Rubis Kenya of being behind shortage in the country.

This saw the government order that the CEO, Jean Christian Bergeron, be deported from Kenya to France. This was despite the government’s failure to pay fuel subsidy to oil marketers being the actual cause of the shortage.

Ironically, Rubis was widely claimed to be partially owned by the Kenyatta family, a claim that the oil marketer denied.

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