(CercleFinance.com) – Rubis provided a number of details on Thursday concerning the situation of its subsidiary in Kenya, a country currently facing serious fuel shortages.
In a press release, the French downstream oil specialist refers to “exceptional circumstances”, while ensuring that its local subsidiary is making its best efforts to supply the market.
Rubis explains that the Kenyan government’s decision to subsidize the price differential to petrol distributors in the face of the petrol surge has resulted in longer lead times to distributors and stockouts which have added pressure on distributors international organizations of which it is a part.
The group adds that it demonstrates all the transparency required in relation to the local authorities and denies having increased its export sales to the detriment of the fluidity of the Kenyan market.
Rubis recalls that it has been present in Kenya since 2019 following the acquisition of KenolKobil, of which 140 service stations in Kenya have already been branded, out of a total of nearly 400 in East Africa. East.
Last year, the East Africa region contributed 7% of the group’s current operating profit (ROC).
For information, Jean-Christian Bergeron, Managing Director of Rubis Energy Kenya, joined the headquarters in Paris to provide a full update.
on the situation of the subsidiary.
On the Paris Stock Exchange, Rubis shares fell by more than 7% on Thursday following this information.
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