Oil marketer Rubis Energy Kenya converted €30 million (Sh4.7 billion) worth of pending fuel subsidy dues into government bonds by the end of June as part of the State’s deal with oil marketers to settle the payment delays, new disclosures show.

The firm was among the oil marketers who agreed to settle Sh45 billion worth of pending bills via a swap into a three-year Treasury bonds.

Disclosures by the Ministry of Energy prior to the swap deal indicated that Rubis was owed Sh4 billion, while fellow multinationals Vivo and TotalEnergies were owed Sh13.8 billion and Sh8.2 billion respectively.

Oryx was owed Sh3.5 billion and Ola Sh2.3 billion while arrears to other oil marketers were at the time estimated at Sh14.4 billion.

“The increase in loans to third parties of €30 million (Sh4.7 billion) corresponds to the swap of receivables on the Kenyan government for three-year Kenyan treasury bills [bond] in respect of the payment of the subsidy due on petroleum products,” Rubis’ French parent Rubis Energie said in its financial report for the half year to June 2023.