Our business lines


Rubis, a company listed on Euronext Paris (SBF 120) with market capitalisation of €2.7 billion at the end of 2021, specialises in the distribution of energy and bitumen, from supply to the end customer, and, through its Rubis Terminal JV, in bulk liquid storage.


With revenue of €4.6 billion and distributed volumes of 5.4 millionm3, the Group is recognised in the market for its expertise and the quality of its services. Thanks to its international development strategy, the Group now occupies strong market positions in diversified segments, in more than 40 countries in three regions: Africa, the Caribbean and Europe.



Distributing energy for everyday life


Rubis aims to give as many people as possible access to reliable and sustainable energy while developing less carbon-intensive solutions, thereby promoting sustainability.


Rubis’ business lines are broken down into:


the Retail & Marketing of fuels (in service stations or to professionals), lubricants, liquefied gas and bitumen activity through its subsidiary Rubis Énergie. This is the Company’s core business, representing 87% of the Group’s consolidated revenue in 2021;




the Support & Services activity, upstream of Retail & Marketing, which includes the trading-supply and shipping activities. This activity represented 13% of the Group’s consolidated revenue in 2021;




the bulk liquid Storage activity carried out by the Rubis Terminal joint venture, held at 55%.




Retail & Marketing activities are aimed at both professional and individual customers, via our service stations, butane and propane cylinders or home deliveries of fuels or liquefied gas for heating, hot water production or cooking. The Support & Services and Storage activities are intended exclusively for professional customers (BtoB).


The products sold are essential for the economies of the countries in which the Group operates and Rubis generally controls the entire logistics chain, notably through its Support & Services activity. Rubis favours a dominant local positioning in which its competitive advantage is protected by the control of its logistics. This strategic choice guarantees its customers sustainable access to the energy they need on a daily basis.

In its Retail & Marketing activity, Rubis is positioned on markets that allow it to transfer price volatility to the end customer and thus to see stable margins over a long period. In addition, Rubis both operates on regulated markets (40% of the volumes distributed and around 34% of the business’ gross profit) and on open markets. Regulated markets are mainly located in the Caribbean and Africa and serve the end consumer, both in the residential liquefied gas segment or service stations. The BtoB segment is not concerned by regulated prices.


Conscious of the challenges of the energy transition, the Group is developing a range of less carbon-intensive energies (biofuels, hybrid systems, etc.) and is also raising awareness among consumers on this subject, for mobility, heating or industrial uses.


Rubis is thus approaching the energy transition confidently thanks to its role as a key link in the logistics chain, equally capable of storing, shipping and transporting new energy to the end consumer.The Group also made a strategic choice in 2021 by deciding to invest in the production of low-carbon energy.


New developments


While for several years, the Group has looked to diversify its offering and propose lower-carbon energies to its customers, in 2021, Rubis finalised a strategic shift towards renewable energies. By investing in hydrogen-electricity projects with HDF Energy and acquiring Photosol France, the Group is now a producer of low-carbon energy.


Rubis has changed its strategy over the last two years in order to diversify its energy mix.


In 2020, the Group sold 45% of Rubis Terminal and created a joint venture with the infrastructure fund I Squared Capital enabling it to almost completely deleverage. This transaction gave the Group the resources to invest in new growth drivers. The acquisition of Tepsa, a leader in storage in Spain, particularly in biofuels, followed by the disposal of the terminal in Turkey in January 2022, enabled the Rubis Terminal JV to increase the share of chemicals, biofuels and other non-petroleum products in its portfolio.




At the end of 2021, the Company announced a decisive acquisition, Photosol France, and thus accelerated its development in the renewable energy segment with significant growth opportunities.


Photosol is one of the independent leaders in photovoltaic production in France with 330 MW of operational capacity (78 plants) and 145 MW under construction. The Company is very well positioned to seize the opportunity of the French solar energy market with an identified project pipeline of around 3.4 GW. It ranks among the leading independent players in terms of megawatts won from CRE(1) projects during the last 10 calls for tenders in France.


The Company has deliberately focused on less-competitive strategic locations and on the development of complex projects to stand out from the major groups present in this market, a strategy very similar to that developed by Rubis internationally. Numerous synergies exist to develop this activity in areas where the Rubis Group is present.


Following this acquisition, Rubis wishes to create a new division dedicated to the production of renewable or low-carbon energy. This division, which will also bring together projects developed in cooperation with HDF Energy, will accelerate the Group’s growth by relying on long-term secured contracts and growth opportunities.


In the medium term, the objective for this renewable division is to contribute 25% of the Group’s EBITDA.


(1)French Energy Regulatory Commission.




In 2021, Rubis acquired an 18.5% stake in the capital of HDF Energy (a global pioneer in hydrogen-electricity) and entered into an industrial and financial agreement that provides for a majority investment priority in the projects that HDF Energy is developing in Africa/Indian Ocean, the Caribbean and Europe. This allows Rubis to position itself as a majority direct investor in renewable electricity production projects with the objective of achieving a double-digit Internal Rate of Return (IRR) on the equity invested.


The Group has already invested in two Renewstable® plants developed by HDF Energy in French Guiana and Barbados. In the long term, each of these plants will produce 100% renewable electricity, from the sun and water, to supply the equivalent of 10,000 to 15,000 households all year round, at a lower cost than the diesel power plants in these regions. This technology will avoid the combustion of approximately 12 million litres of diesel and the emission of approximately 40,000 tonnes of CO2 per year and per plant compared to an equivalent thermal plant.


Market positions


Rubis is positioned in confidential-sized markets that do not interest the major oil companies (Shell, BP, Exxon, TotalEnergies) or international traders (Vitol, Trafigura, Glencore, Mercuria). These global players tend to focus on large markets, in order to benefit from economies of scale. It is precisely in these smaller-sized markets that Rubis has chosen to develop, where it can occupy leading positions while competing with major oil companies, regional operators (Parkland/Sol, Vivo Energy, Repsol) and local independent players (particularly in Africa).


Rubis has been built on an acquisition model, with niche product positions (liquefied gas in Europe, bitumen in West Africa) or geographical niches (island positions in the Caribbean or the Indian Ocean) where the Group has strong positions. Rubis’ success in these markets is ensured by a number of factors, including control of import logistics facilities, to guarantee advantages in terms of costs and supply quality. This robust logistics (shipping, storage, refining) also allows it to be present in trading and supply vis-a-vis third parties.


Principal markets
  Infrastructure   Market

36% of gross profit(1)


Service stations, commercial, aviation fuel, liquefied gas, bitumen, lubricants

  Control of the supply chain (purchasing, transport, distribution) thanks to fully-owned vessels, import terminals, gas cylinder filling plants and a network of service stations   No. 1 or 2 in most countries and all markets   TotalEnergies, Vivo Energy (Shell and Engen brands), NOC, Oilibya, as well as independent local players

33% of gross profit(1)


Service stations, commercial, aviation fuel, liquefied gas, lubricants


   Control of the supply chain (purchasing, transport, distribution) thanks to fully-owned vessels, import terminals, gas cylinder filling plants and a network of service stations

   71% stake in the French Antilles refinery (SARA)

  No. 1 or 2 in most countries and all markets   Parkland (Sol), GB Group, TotalEnergies, Guyoil, as well as independent local players

31% of gross profit(1)


Mostly liquefied gas, a small number of service stations

  Gas cylinder filling plants, storage terminals   No. 1, 2 or 3 in most countries   UGI, DCC, Cepsa, Galp, Repsol, SHV


(1)Gross profit of the Retail & Marketing activity.
(2)Rubis estimates.


The markets in which the Group operates are deep, and energy needs are essential and growing, particularly in the regions where Rubis has strengthened its presence in recent years (Africa and the Caribbean, representing 47% and 28% respectively of the Retail & Marketing division’s contribution to EBIT).


In Europe, Rubis is positioned in sensitive markets, such as liquefied gas (butane and propane), synonymous with high barriers to entry, and where growth stems from efficiency, reactivity and market share gains.


Safety as a priority


The Group operates within a defined Quality, Health, Safety & Environment (QHSE) framework to prevent risks and limit the environmental impact of its activity. The QHSE policy framework, referred to in the Group’s Code of Ethics, states that each employee must act responsibly when performing their duties, comply with the health, safety and environmental protection procedures on site, and pay particular attention to compliance by all parties (colleagues, suppliers, external service providers, etc.). This common framework is shared by all Group activities.


Its business lines are subject to regulatory and safety constraints requiring constant investments, making supply scarce while increasing the cost of entering the sector. As such, in 2021 the Group invested €133 million in the safety/maintenance and adaptation of its facilities.


Training is another key area. As some of the products distributed transit by road, driver training programmes (defensive driving) have been implemented for both Group employees and external staff, particularly in countries where this risk is increased.


Being efficient over the long term


For the past 30 years, Rubis has pursued an external growth strategy based on strict financial discipline, including modest acquisition multiples and financial leverage, and a clear strategic approach (niche positioning, strong market positions backed by control of resource access infrastructure, and prospects for earnings growth) to ensure value creation for all stakeholders.


With each acquisition, the implementation of a strategy, the provision of skills, capital and a new organisation, not forgetting the Company’s flexibility, have made it possible to form a multi-local, decentralised and independent group with sound market positions protected by concrete assets, guaranteeing its long-term profitability.


Through its business lines, by offering its customers regular and reliable access to everyday energy, thereby limiting its exposure to economic cycles and ensuring resilience and stability for its activities, Rubis posts solid performance.


    1 YEAR   3 YEARS   5 YEARS   10 YEARS   15 YEARS
    2020-2021   2018-2021   2016-2021   2011-2021   2006-2021
EBITDA   +5%   +2%   +5%   +12%   +15%
EBIT   +7%   0%   +6%   +13%   +16%
Net income, Group share   +4%   +5%   +7%   +15%   +16%
Adjusted EPS   +5%   +3%   +4%   +9%   +8%
Adjusted DPS   +3%   +5%   +7%   +8%   +9%


The strategic shift to the production of renewable energies and the creation of a new division allows the Group to contribute to a more sustainable world, to support the evolution of the energy market and to offer growth for its stakeholders.


Acquisition-led growth, the very core of the Group’s DNA, is one of the chief drivers of Rubis’ development, and would not have been possible without:


its short and reactive decision-making structure, capable of responding to market developments;




the importance given to the human dimension in its structure: the Group sees People as the bedrock of its organisation and one of its key success factors.




Its motto, “The will to undertake, the corporate commitment” expresses this essential value, which is the foundation of the motivation, loyalty and engagement of its 4,335 employees.


Driven by “the will to undertake”, Rubis is constantly on the move, developing and positioning itself as a vector of progress in all areas (governance, social, environmental). From this viewpoint, 2021 will have been an exceptional year of transition.


“The corporate commitment” applies to Rubis’ relations with all stakeholders, primarily its employees, end customers, and the countries and environment in which Rubis operates, but also its shareholders.


Contributing to a more sustainable world


While Rubis has placed its CSR commitments at the heart of its strategy for more than 10 years, a new milestone was reached in 2021 with the publication of our first CSR Roadmap, Think Tomorrow 2022-2025, to describe our commitment, measure our actions and offer more transparency to our stakeholders.


Think Tomorrow is a tool for managing our daily actions, a commitment to a sustainable future and an opportunity to develop our activities.







The Group’s activities are monitored and managed very carefully in order to limit their environmental impact as much as possible, both in terms of discharges and the use of natural resources.

Main achievements 2021

  Reinforced prevention of accidental discharges to prevent water and soil pollution.

  Commissioning of the Green Water project: seawater desalination to cover all the industrial water needs of the French Antilles refinery without using the freshwater network (200 m3 per day in 2021, 600 m3 at full capacity).

•  €133 million invested in safety/maintenance/adaptation of our facilities.



By 2025, reduce the number of accidental discharges > 200 litres reaching the natural environment compared to 2020 (i.e., 20).






The operational actions taken by the Group to control and reduce the carbon footprint related to its activities and thereby strengthen its climate resilience aim to improve the energy efficiency of its operations, diversify its Retail & Marketing activities and develop new activities in renewable energies.


Since 2019, the Group has carried out and published the full assessment of its carbon emissions (scopes 1, 2 and 3).

Main achievements 2021

  Launch of a study mission to define the carbon reduction roadmap for historical activities (Rubis Énergie).

  New activities in renewable energies: stake in HDF Energy (hydrogen-electricity) and announcement of the acquisition of Photosol (photovoltaic energy producer).

  Solarisation programme for our sites (around 10 sites equipped, i.e., 137 kWp).

  Membership by Rubis Énergie of the Sea Cargo Charter.

  B rating on the CDP Climate Change questionnaire.



By 2030, 30% reduction in CO2 emissions for scopes 1 and 2 (reference year 2019 – Rubis Énergie scope) and, in 2022, implementation of an emission reduction target for scope 3A (i.e., scope 3 excluding emissions related to products sold) and a target to reduce the carbon intensity of products sold.






Because everyone must feel safe in their workplace, the Group, committed to the safety and health of all its employees, as well as the service providers working on its sites, has implemented a proactive safety and occupational health policy.


Main achievements 2021

  Distribution of a new HSE Charter within Rubis Énergie.

  Defensive driving training for 65% of drivers (employees and external).

  Occupational accident frequency rate with lost time > 1 day: 4.6 (including the Rubis Terminal JV).




Maintain a frequency rate of accidents with lost time < 4.5 and reduce the number of accidents causing personal injury with lost time for service providers working on our sites.







Operating with integrity and responsibility is a key challenge for the Group in order to remain true to its commitments and to protect its image, its reputation and its employees.

Main achievements 2021


  Publication of a new Group anticorruption guide.

  Membership of the United Nations Global Compact.

  Creation of an e-learning training module on the prevention and detection of corruption.




By 2023, train 100% of employees in ethics/anticorruption and formalise a “Responsible Purchasing” charter.







As an international group, Rubis has undertaken to become involved in each country in which it operates as an economic, social and cultural player.

Main achievements 2021


  €1,313,981 allocated by Rubis SCA and the Rubis Mécénat endowment fund to actions in favour of education, health and culture.

  35 non-profit associations and projects supported as part of Rubis’ community investment.

  Nearly 200,000 beneficiaries of the Group’s community investment actions.



By 2025, implementation of community investment actions meeting a local need in 100% of the countries where the Group operates.



Commitment to renewable energies


While for several years, the Group has looked to diversify its offering and propose lower-carbon energies to its customers, in 2021, Rubis finalised a strategic shift towards renewable energies. By investing in hydrogen-electricity projects with HDF Energy and by announcing the acquisition of Photosol France, the Group is now a producer of low-carbon energy, an energy that it will be able to offer its customers to meet their needs while contributing to a more sustainable world.




Mindful that employee commitment is key to the Group’s success, Rubis ensures that individuals have the opportunity for professional development with the aim of attracting, developing and retaining its talents.




The Group is committed to diversity and skills development. In 2021, our main achievements were:


receiving the Special Gender Equality Award within the Rubis SCA Management Committee from the Minister for Gender Equality;
35% of the positions of responsibility are held by women (compared to women representing 25.5% of the Group’s workforce);
82% of employees trained in 2021.


The Group has set itself the following objectives:


the implementation of a talent identification and support process from 2023;
an average of 30% women on the Management Committees of Rubis Énergie and its subsidiaries in 2025;
by 2025, 100% of employees trained each year, including 10% in changes in our business lines (energy transition, CSR, etc.);
by 2025, raising awareness among all employees about the fight against prejudice with regard to people with disabilities.


Non-financial performance


    Performance: High          
    Rank: Top 7% in the “Oil and gas refining, marketing, transportation and storage” sector  
    Perforance: Above average          
    Rank: 27/87 in the “Oil and gas refining and marketing” subsector  
    Performance: Average          
    Decile ranking: 5 in the “Oil and gas storage and pipelines” sector    
  Perforance: Above average          
    Rank: Top 25% in the “Oil & Gas” sector