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Rubis eyes oil market dominance in buying Gulf Energy
Without disclosing the value of the deal concluded in Paris, the conglomerate said it had acquired all the issued shares of GEHL, coming just months after concluding the takeover of KenolKobil. FILE PHOTO | NMG
French Oil major Rubis Energie has announced that it signed a share purchase agreement (SPA) that will see the multinational acquire Gulf Energy Holdings Limited in Kenya.
The move comes just months after its successful takeover of delisted marketer KenolKobil. The acquisitions subsequently make Rubis Kenya’s leading oil marketer with a combined market share of 21.2 percent, overtaking market leader Total that had a market share of 16.4 percent according to the latest data for the quarter ended June 2019.
