Whether you’re filling up your car, grabbing a quick coffee at their convenience stores, or utilizing their premium lubricants, the Rubis brand is hard to miss. But as you spot their iconic red and green logo, have you ever wondered—who really owns Rubis Energy Kenya?
Rubis Energy has established itself as a major player in Kenya’s fuel distribution market after acquiring KenolKobil PLC and Gulf Energy Holdings in 2019. With over 300 service stations under various brands, including Kenol, Kobil, and Gulf, Rubis Energy has become a household name in the country.
From its global shareholders to the persistent rumors about being associated to a prominent family, let’s dive deep into the story behind Rubis Energy.
Who Owns Rubis Energy in Kenya?
Rubis Energy Kenya is a subsidiary of Rubis Énergie, a multinational energy company headquartered in France.
Rubis Énergie operates in over 40 countries, specializing in the distribution of petroleum products, including liquefied petroleum gas (LPG), lubricants, and fuel. In Kenya, Rubis entered the market in 2019 after acquiring three major fuel distributors—KenolKobil, Gulf Energy, and Kobil Kenya.
These acquisitions positioned Rubis Energy as a dominant player in the Kenyan fuel retail industry, with a significant share of service stations across the country.
The parent company, Rubis Énergie, is listed on the Euronext Paris stock exchange, making it a publicly traded entity. This means its ownership is distributed among institutional and retail investors worldwide.
While Rubis Energy Kenya operates locally, its strategic direction and policies are influenced by its French parent company and the global energy market.
Who are Rubis’ Largest Shareholders?
Rubis Energy’s shareholding structure features a mix of international and local investors. According to the company’s latest listings, the largest shareholders include:
- Marcel Dessault: This French investor holds approximately 5.45% of Rubis.
- Wellington Management Group LLP: An American investment firm with a stake of about 5.08%.
- Rubis Avenir Mutual Fund: This fund owns around 1.32% of the company.
- Free Float: A significant portion of shares (approximately 74%) is held by various investors in a free float arrangement.
Despite these clear figures, rumors persist about other influential stakeholders. Some reports suggest that members of the Kenyatta family may have indirect ownership through proxy companies, although no definitive evidence confirms this claim
Who is the CEO of Rubis Energy Kenya?
Rubis Energy Kenya has recently undergone a significant leadership change with the appointment of Olivier Sabrié as the new Chief Executive Officer (CEO) for East Africa and Group Managing Director of Rubis Energy Kenya.
Olivier’s appointment took effect on September 2, 2024, as Sabrié succeeds Jean-Christian Bergeron, who is returning to Paris for a new assignment after successfully leading Rubis Energy since its entry into the East African market in 2019.
Olivier Sabrié brings over 30 years of experience in the oil marketing sector, having previously held prominent positions at TotalEnergies, including Chairman and Managing Director of Total Energies Marketing India.
His extensive background spans various leadership roles across Africa, Europe, and Asia, equipping him with a wealth of knowledge to drive Rubis Energy’s growth in the dynamic East African market.
In his new role, Sabrié expressed his commitment to building on Bergeron’s legacy and enhancing the company’s offerings, stating, “I look forward to building on Mr. Bergeron’s impressive legacy and driving Rubis Energy Kenya’s mission to further enhance the journeys our customers take every day.”
Does the Kenyatta Family Own Rubis?
There have been persistent rumors suggesting that the influential Kenyatta family has a stake in Rubis Energy Kenya. Speculation arose after President William Ruto’s comments about influential figures creating artificial fuel shortages.
However, these claims are unfounded. Rubis Energy Kenya is wholly owned by its French parent company, Rubis Énergie, and operates as a subsidiary under its international structure.
The confusion may stem from the Kenyatta family’s known involvement in other energy ventures, such as Brookside Dairy’s LPG gas production and various real estate investments. Despite their significant business interests in Kenya, there is no verified evidence linking the Kenyatta family to Rubis Energy.
History of Rubis Energy
Rubis Énergie was founded in 1990 and has since evolved into a significant player in the global petroleum market.
The company’s entry into Kenya began with strategic acquisitions that reshaped its operations. In March 2019, Rubis acquired KenolKobil PLC for €312 million (approximately Ksh.36 billion), marking a pivotal moment for both companies. This acquisition allowed Rubis to gain substantial market share in Kenya’s fuel distribution sector.
Following this initial acquisition, Rubis further expanded its footprint by purchasing Gulf Energy Holdings later that year for Ksh.9.72 billion (€84 million). These acquisitions not only solidified Rubis’ position as Kenya’s largest oil marketer but also expanded its service offerings across various segments including LPG supply and aviation fuel.
Today, with over 230 service stations nationwide, Rubis Energy continues to be a vital contributor to Kenya’s energy landscape.