June 5, 2015 [OPIS] – French Rubis Group has become 71% majority owner of the 17,000-b/d SARA refinery at Fort-de-France on the island of Martinique in the French West Indies after completing the takeover of Total’s 35.5% stake with conditional anti-trust approval, the LPG and fuel distributor said Thursday.
The deal indicates that co-owner Sol Petroleum Antilles (14.5%) — which succeeded ExxonMobil — exercised a preemptive right to acquire more shares in Societe Anonyme de la Rafinerie des Antilles (SARA). Rubis had made an offer for Total’s full 50% share last autumn.
SARA is the sole refinery for outlets in the French Antilles and Guiana, where it operates under a regulated price system, with prices set by the government. Rubis has already a presence in the area’s fuel supply, including LPG (“Vitogaz”), jet, bitumen and lubricants.
There are two bitumen depots — at Guadeloupe and Martinique — as well as automotive fuel terminals at Marie-Galante and Saint-Barthelemy.
To alleviate anti-trust concerns arising from its monopoly position, the French competition authority requested remedies, such as price caps and third-party access to infrastructure, according to a communique dated May 13.
“This acquisition strengthens Rubis’ position in both the French Antilles and Guiana, while increasing complementarity with its logistical operations in the whole Caribbean region where Rubis is already active,” the Paris-based company said in a statement.
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