French Rubis acquires Iranian bitumen supplier

Source: ICIS News


LONDON (ICIS)--Rubis has acquired an Iranian bitumen supplier to further develop its business in India and Africa, the French fuels logistics and retail distribution firm said on Friday.

The acquired company, privately-owned FCG, is involved in bitumen production, storage and export, operating from Bandar Abbas at the Strait of Hormuz.

Last year, FCG traded 200 000 tonnes of product through exports, mainly towards eastern Africa and India, regions where Rubis intends to develop its positions.

“This acquisition is in line with Rubis long-term strategy to secure a competitive and high-grade supply while enlarging its offer from drums to containers and small bulk in order to take over new market positions,” Rubis added.

Rubis intends to invest some €100m over the next two years to achieve this goal. It did not disclose how much it paid for FCG.