Rubis snaps up Gulf in expansion spree

A Gulf Energy outlet on Jogoo Road in Nairobi. The firm is the fourth largest oil marketer in the country with a 20 per cent market share. [David Njaaga, Standard]

French oil giant Rubis Energie is set to increase its share of the retail oil marketing business after it inked a deal to acquire Gulf Energy Holdings Ltd.

The acquisition comes hot on the heels of another deal that saw Rubis acquire KenolKobil for Sh36 billion in March, giving it a firm footing in the region.