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HomeWealthGulf Energy Owners: The Billions Each Shareholder Received From Rubis Buyout

Gulf Energy Owners: The Billions Each Shareholder Received From Rubis Buyout

The green themed Gulf Energy is not a new name among many Kenyans. It was among the top four oil marketing companies in the East African region and had grown to expand into the aviation and power generation sectors.

In this article, WoK highlights everything you need to know about the company before it was acquired by Rubis Investment and Cie.

Gulf Energy Holdings

This is an oil marketing company that seeks to provide energy solutions in the African continent. The company’s main objective was to source, export, charter, retail and store quality petroleum products from all over the world to various countries in East and Central Africa.

Incorporated in May 2015, the company has steadily established itself and spread its wings in the region dominated by mega companies. The company has an 8 percent market share in the region exporting their products to as far as Burundi, Uganda, Rwanda, Tanzania and Democratic Republic of Congo (DRC).

The company has also established subsidiaries in the neighbouring countries including Gulf Energy Zambia, Gulf Energy Rwanda, Gulf Energy Uganda and Horizon Petroleum in Tanzania.

Also Read: Lake Oil Group Founder: Billionaire Who Built Empire After Being Denied Pocket Money By Dad

Gulf Energy Products and Services

Supply and Trading

It commands a 30 percent market share in petroleum products supply in the region and plays a leading role in the region’s bulk oil supplies, particularly gasoline.

Terminal and Distribution

Gulf energy has heavily invested in storage facilities in the country. The company owns a state of the art depot in Nairobi’s Industrial area that also offers hospitality services. The company also owns another terminal in Mombasa that is exclusively dedicated to black oils and specialty products.

Retail Service Operations

The company runs a fleet of service stations spread across different parts of the country. In the service station you can get their brands including g store, g lube, g wash and g wheel.


They offer both automotive and industrial lubricants such as Gooy EP2, Brake and Clutch Fluid, Magma 4T, Compressor oil, Cut Fluid, Kinetix and Magnus Hydraulic Oil Series.

Liquefied Petroleum Gas (LPG)

They are also in the Liquefied Petroleum Gas (LPG) sector with its product retailing under the popular brand name ‘Pima Gas.’ The company also owns a 360 MT bulk storage and cylinder filling facility which is apparently the largest single-owned LPG storage facility in Nairobi.


Gulf Energy owns 4 state of the art hydrant refueling dispensers at the Jomo Kenyatta International Airport (JKIA). The company also owns a wet aviation depot at the Wilson Airport that has a tank capacity of up to 180,000 liters.

The Rubis Deal

In December 2019, Rubis Energie acquired Gulf Energy Holdings at a total cost of Ksh16.4 billion. This deal saw Rubis take control of all the assets that were owned by Gulf Energy including depots, service stations and terminals. Kenyan shareholders of Gulf Energy Holdings made a fortune. Some of the top people who earned billions include;

Suleiman Shahbal

He is a renowned Mombasa-based businessman turned politician.

He is the founder and chairman of the Gulf African Bank and will be vying for the Mombasa gubernatorial seat in an Orange Democratic Movement (ODM) party ticket in the forthcoming general elections slated for 9 August 2022 general elections.

Suleiman Shahbal is currently the Chairman of the board of the Kenya Trade Network Agency (KenTrade) – a state agency under the National Treasury that is mandated to facilitate cross border trade.

Shahbal owned a 25% stake in Gulf Energy Holdings through his company Monte Carlo Investments Limited. It is estimated that he made up to Ksh 2.4 billion from the Rubis deal.

Francis Koome Njogu

Francis Koome Njogu who was the Managing Director of Gulf Energy Holdings is estimated to have made up to Ksh 1.9 billion from his 20 percent direct stake in the company.

Njogu is a businessman and entrepreneur owning Alba Hotel – a modern hotel that is considered to be the best one in Meru town.

He is also the director of Amu Power Company – a joint venture between Gulf Energy and Centum Investments to build a 1050 MW coal power plant in Manda Bay, Lamu County.

Duncan King’ori Mukira

Duncan King’ori Mukira is a renowned entrepreneur and investor from Othaya, Nyeri County. King’ori is estimated to have made up to Ksh 1.2 billion from his 12.5 percent stake in Gulf Energy Holdings.

Paul Kiprotich Limoh

Paul Kiprotich Limoh is the former CEO of Gulf Energy Holdings. Limoh made Ksh 1.2 billion from his individual stake of 12.5 percent in the company.

The remaining 25 percent stake in Gulf Energy Holdings which amounted to Ksh 2.4 billion was owned by Nama Kenya Limited – a UK registered company that is co-owned by Kenyan Ahmed Said Bajaber who has 20 percent stake in the company and happens to be a director at the Gulf African Bank.

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