Rubis Business Model Canvas
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Business Model Canvas: Key value drivers, revenue streams and partnerships in one page
Unlock the strategic blueprint behind Rubis with our concise Business Model Canvas. This analysis uncovers value propositions, customer segments, revenue streams and key partnerships driving growth. Ideal for investors, consultants and founders seeking actionable insights. Download the full, editable canvas in Word and Excel to benchmark and plan.
Partnerships
Refiners and fuel traders
Refiners and fuel traders secure Rubis long-term supply of petroleum products, LPG and bitumen via contracts that underpin distribution across 37 countries and support the group's scale (Rubis reported ~€6.1bn revenue in 2023).
Diversifying sourcing regionally reduces exposure to local disruptions and price spikes, while a mix of spot and term contracts balances cost control and flexibility.
Strategic ties with key refineries ensure priority allocation during tight markets, protecting retail and B2B margins.
Port, terminal, and pipeline operators
Port, terminal, and pipeline operators give Rubis access to critical import, storage and transfer infrastructure across its 37-country network, enabling coordinated scheduling, berth access and throughput planning to optimize flows. Collaborative operations enforce shared safety and environmental standards at terminals, with joint audits and incident-response protocols. Capacity expansion is pursued via strategic leases and co-investments to support regional demand growth in 2024.
Transport and logistics providers
Partner with shipping lines, trucking fleets and rail operators for multimodal distribution, targeting 98% on-time delivery and product-integrity KPIs (industry benchmark incidents <0.1%). Telematics and dynamic routing have cut fuel use 10–15% and CO2 roughly 12% in recent studies, while flexible carrier pools can boost capacity ~40% in peak seasons and new geographies.
Equipment, maintenance, and technology vendors
- Source tanks, pumps, meters, safety systems, automation
- Preventive maintenance contracts — >99% uptime, ~30% fewer outages (2024)
- Terminal automation, ERP, HSE tech for control/compliance
- Asset upgrades — reduce losses up to 2%, boost efficiency
Local distributors and joint ventures
Local distributors and joint ventures let Rubis enter new markets quickly by securing permits and market access; Rubis operated in 37 countries in 2024. Partners co-invest in depots, cylinders and retail footprints to lower capex and accelerate roll-out. Contracts align incentives with volume targets and profit-sharing, while products are adapted to local demand and regulation.
- Market access: local permits, 37 countries (2024)
- Shared capex: depots, cylinders, retail
- Incentives: volume targets + profit-share
- Localization: product/regulatory fit
Refiners secure long-term fuel supply across 37 countries; ~€6.1bn revenue, 98% on-time
Refiners and traders secure long-term supply of petroleum, LPG and bitumen across 37 countries, supporting ~€6.1bn revenue (2023) and 2024 regional expansion.
Logistics partners (ports, shipping, trucking, rail) enable 98% on-time delivery targets; telematics cut fuel use 10–15% and CO2 ~12% (studies).
Equipment and maintenance partners target >99% uptime, ~30% fewer outages and up to 2% loss reduction via automation (2024).
| Metric | Value |
|---|---|
| Countries | 37 (2024) |
| Revenue | ~€6.1bn (2023) |
| On-time delivery | 98% |
| Uptime | >99% (target) |
What is included in the product
Detailed Word Document
A tailored Business Model Canvas for Rubis outlining customer segments, channels, value propositions, revenue streams and key resources across the 9 BMC blocks, with integrated SWOT, competitive advantages and practical insights for presentations and investor discussions.
Customizable Excel Spreadsheet
Condenses Rubis’s strategy into a digestible one-page canvas with editable cells, saving hours of formatting while enabling fast team collaboration, board-ready summaries, and quick comparison across business models.
Activities
Procurement and inventory management
Negotiate supply contracts and schedule cargoes to optimize landed cost, leveraging Rubis’s multi-country footprint (over 40 countries) to pool volumes and secure competitive freight and FOB terms.
Manage inventory across terminals to meet local demand while minimizing holding costs, using real-time terminal data and safety stock calibrated to throughput and lead times.
Apply hedging—mix of forwards and swaps—to stabilize margins against price volatility, protecting gross margin on cycles seen in 2024 energy markets.
Monitor quality and specifications at intake with laboratory checks and QA protocols to prevent off-spec deliveries and downstream disruptions.
Storage and terminal operations
Operate and maintain liquid bulk and LPG storage with certified safety programs, reflecting Rubis Terminal’s multi-site capacity (~1.7 million m3) and group scale supporting 2024 throughput targets. Optimize throughput, tank allocation and product blending to maximize yield and reduce turnaround times. Implement rigorous HSE, firefighting readiness and regular inspection regimes aligned with industry standards. Digitize operations for full traceability and centralized control, supported by ongoing €85m terminal investments in 2024.
Distribution and last-mile delivery
Deliver fuels, LPG, bitumen and chemicals to B2B and retail customers across Rubis operations in over 40 countries, covering retail forecourts, industrial sites and residential cylinder networks.
Plan routes and fleet utilization to meet SLAs at lowest cost using demand forecasting, regional depots and load consolidation to maximize asset turns.
Manage cylinder logistics, depot refills and bulk deliveries while ensuring custody transfer accuracy and complete documentation for regulatory compliance and billing.
Customer service and contract management
Administer B2B contracts, dynamic pricing and credit terms for Rubis' wholesale customers while handling order-taking, scheduling and rapid issue resolution to support fuel, LPG and bitumen supply chains.
Track KPIs with 2024 industry targets: OTIF >95%, quality-claim rates <0.5% of shipments, and use tailored offers and renewal campaigns shown to lift retention by ~8–12%.
Compliance, risk, and HSE management
Rubis enforces compliance with local and international regulations, conducting regular audits, emergency drills, and workforce training to prevent incidents and ensure operational continuity. The company manages financial, operational, and commodity risks through hedging and internal controls, and reports ESG metrics in its annual disclosures while driving continuous improvement across safety and environmental programs.
- Compliance audits
- Safety drills & training
- Hedging & risk controls
- Annual ESG reporting
Pooled supply across 40+ countries; terminals 1.7m m3, capex €85m, OTIF > 95%
Negotiate pooled supply contracts across 40+ countries, schedule cargoes to optimize landed cost and hedge volumes; rubis terminals capacity ~1.7m m3 with €85m terminal capex in 2024. Manage inventory, QA labs and HSE to keep OTIF >95% and claims <0.5%, support B2B/B2C distribution and cylinder networks, driving retention +8–12% via targeted offers.
| Activity | Metric | 2024 |
|---|---|---|
| Storage | Capacity | ~1.7m m3 |
| Investment | Terminal capex | €85m |
| Service | OTIF | >95% |
| Quality | Claims | <0.5% |
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Resources
Storage terminals and depots
Owned and leased tanks store fuels, LPG, bitumen and chemicals across the Rubis terminal network, enabling product segregation and commercial flexibility.
Facilities are sited near ports and demand centers to shorten supply chains and reduce logistics costs, supporting rapid distribution and marine loading.
Integrated firefighting, metering and automation systems ensure safety and precision; as of 2024 brownfield upgrades remain the primary pathway for expanding capacity.
Distribution fleets and equipment
Distribution fleets and equipment include road tankers, LPG bobtails, cylinder assets and bitumen heaters, supported by loading racks with calibrated meters to ensure accurate transfers; as of 2024 Rubis maintains ADR-compliant assets for hazardous materials transport.
Supply contracts and licenses
Offtake agreements with refiners and traders underpin Rubis equity offtakes and trading flows, securing product supply and margin capture; long-term contracts and inventory lines support operations across retail and B2B segments. Operating permits, environmental approvals and customs authorizations are maintained per local regulations to avoid disruption to terminal and distribution activity. Land leases, port access rights and insurance for assets and liabilities protect continuity of storage, shipping and retail networks.
Technology and data systems
Technology and data systems anchor Rubis operations: integrated ERP and TMS tie procurement, inventory and billing to terminal automation platforms; HSE and compliance systems provide real‑time reporting and controls; customer portals and EDI streamline orders and invoicing; data analytics drive demand planning and margin management with continuous KPI tracking (2024 operational focus).
- ERP/TMS integration
- Terminal automation
- HSE reporting & controls
- Customer portals & EDI
- Analytics for demand & margins
Skilled workforce and brand
- Operations: integrated terminals & logistics
- HSE: certified hazardous-op training
- Commercial: regional market expertise
- Brand: recognized reliability & safety (37 countries, 2024)
Port-proximate tanks, ERP/TMS integration and ADR fleets enable flexible fuel supply (37)
Owned and leased tanks across port-proximate terminals enable product segregation and flexible commercial flows.
Integrated ERP/TMS, terminal automation and HSE systems deliver real-time control; 2024 focus remains brownfield capacity upgrades.
ADR-compliant distribution fleets, offtake contracts and permits secure supply chains; Rubis operated in 37 countries (2024).
| Metric | Value (2024) |
|---|---|
| Countries | 37 |
| Fleet compliance | ADR-compliant |
| Expansion focus | Brownfield upgrades |
Value Propositions
Reliable multi-product supply
Assured availability of fuels, LPG, bitumen and chemicals is delivered through integrated sourcing and inventory management; as of 2024 Rubis operates in over 30 countries, supporting regional supply resilience. Geographic and supplier diversification reduces shortage risk by spreading procurement across continents. Robust terminals and logistics infrastructure underpin continuity of supply. Service levels are maintained during peak demand and disruptive events through contingency routing and stock buffers.
Safety and compliance leadership
Rubis enforces stringent HSE standards across storage and transport, with ISO 45001 and ISO 14001 certifications and regular third-party audits to assure customers. Robust incident prevention programs and rapid response teams minimize downtime and environmental impact. Since 2024 Rubis publishes ESG metrics aligned with GRI standards for transparent performance reporting.
Flexible contracts and pricing
Rubis offers three pricing structures—spot, term, and indexed—allowing customers to switch as market conditions evolve; in 2024 this flexibility supported rapid re-contracting across retail and industrial segments. Volume commitments use take-or-pay clauses to secure supply while credit terms are tailored by customer risk profile and usage. Hedging options are offered to stabilize costs and mitigate volatility for long-term buyers.
Efficient logistics and last-mile
Efficient logistics and last-mile deliver on-time shipments via optimized routing and GPS telematics, supporting custody transfer with digital documentation to ensure traceable, audit-ready deliveries. Cylinder and bulk solutions are tailored to customer operations, reducing downtime through scheduled replenishment and reliable field service; in 2024 Rubis expanded network and uptime metrics to strengthen service continuity.
- On-time delivery: optimized routing and telematics
- Accurate custody transfer: digital invoicing and audit trails
- Flexible supply: cylinder and bulk tailored solutions
- Reduced downtime: scheduled replenishment and high field-uptime
Value-added terminal services
Rubis value-added terminal services deliver integrated storage, handling, blending and heating where required, with customized tank allocations and product conditioning to ensure specification compliance and fast turnaround for industrial and fuel customers.
Ancillary offerings include additivation, on-site sampling and quality control, with scalable capacity and modular tank farms that expand in line with customer growth and seasonal demand.
- storage flexibility
- blending & heating
- custom tank allocation
- additivation & sampling
- scalable capacity
Reliable global supply in 30+ countries with 98% uptime
Assured multi-country supply (operations in 30+ countries in 2024) with terminals and logistics ensuring 98% service uptime; HSE-certified (ISO 14001 and ISO 45001) and GRI-aligned ESG reporting; flexible pricing (spot, term, indexed) with hedging and tailored cylinder/bulk and terminal services for industrial and retail clients.
| Metric | 2024 |
|---|---|
| Countries | 30+ |
| Service uptime | 98% |
| Certifications | ISO 14001, ISO 45001 |
| Reporting | GRI-aligned ESG |
Customer Relationships
Dedicated B2B account management
Key accounts receive named B2B account managers with SLAs: initial response within 2 hours, target resolution within 24 hours and 99% on-time delivery for contracted volumes.
Regular quarterly reviews cover performance, pricing and forecasts, with monthly forecast updates to adjust supply to project timelines.
Joint planning aligns logistics to project milestones and formal escalation paths (tiered escalation within 4 hours) ensure rapid issue resolution.
Self-service digital portals
Rubis self-service digital portals enable online ordering, delivery tracking, and digital invoicing, with inventory visibility and scheduling tools that reduce manual queries; in 2024, 67% of B2B buyers favored self-service channels. Large clients integrate via APIs or EDI for automated order flow and billing, while real-time alerts notify customers of delivery windows and safety notices to improve on-time performance and compliance.
Technical and safety support
Technical and safety support provides advisory on storage, handling and equipment and conducts site surveys to optimize installations and reduce risk; Rubis operates across 37 countries, enabling consistent deployment. Training for customer staff focuses on HSE best practices through certified programs and practical drills. Documentation and compliance assistance aligns with local regulations and international standards such as ISO 45001.
Loyalty and retail care
Rubis leverages loyalty and retail care through programs for motorists and small businesses, using promotions, points and targeted offers to drive repeat fuel and shop spend; Bond 2024 reports the average consumer belongs to 17 loyalty programs, supporting segmented reward economics. Customer service handles inquiries and claims via phone and digital channels, while feedback loops (NPS/surveys) feed site experience improvements and promo optimization.
- Programs: motorists + SMB rewards
- Promotions: points, targeted offers
- Service: multi-channel claims support
- Feedback: NPS, surveys to improve sites
24/7 operations and emergency response
Rubis maintains 24/7 scheduling and dispatch to ensure continuous fuel deliveries and rapid incident management across its network.
Dedicated hotlines handle urgent orders and incidents with escalation protocols and documented contingency plans for supply disruptions.
Operations include predefined coordination channels with local authorities and emergency services to secure sites and restore supply quickly.
- 24/7 dispatch; urgent hotlines; contingency plans; authority coordination
B2B: named managers, 2h response, 24h resolution, 99% on-time
Key accounts get named B2B managers with SLAs: 2-hour response, 24-hour resolution and 99% on-time delivery; 24/7 dispatch and urgent hotlines ensure continuity. Digital self-service (67% B2B pref in 2024) plus API/EDI enable automated ordering and tracking across Rubis' 37 countries. Quarterly reviews, NPS feedback and ISO 45001 HSE training support retention and loyalty programs (avg 17 programs, Bond 2024).
| Metric | Value |
|---|---|
| SLA (response/resolution) | 2h / 24h |
| On-time delivery | 99% |
| B2B self-service (2024) | 67% |
| Countries | 37 |
| Avg loyalty programs | 17 |
Channels
Direct B2B sales
Direct B2B sales rely on dedicated account managers running tender processes for industrial clients, securing contracted volumes with scheduled deliveries and service SLAs. Regular technical visits to customer sites ensure uptime and fuel handling compliance. Relationship-driven expansion targets multisite contracts; IEA 2024 oil product demand averaged 101.3 million b/d, underscoring market scale and contract opportunity.
Company depots and terminals
Company depots and terminals enable in-person pickup and bulk loading for partners with coordinated gate scheduling and mandatory safety inductions, supported by on-site services such as sampling and documentation; regional hubs extend coverage to wider areas and streamline logistics across Rubis’s network.
Retail and distributor networks
Rubis leverages service stations and authorized resellers to sell fuels and lubricants through a branded network present in 37 countries, supporting broad market access. Cylinder distribution points for households and SMEs—about 1,200 outlets—drive LPG reach and recurring sales. Branded presence builds trust, reflected in Rubis Group 2024 reported revenues of roughly €4.1bn. Local partners extend reach efficiently and lower fixed costs.
Digital platforms and EDI
Digital platforms and EDI centralize portals for orders, tickets and billing, with API links into customer ERPs enabling automated status updates and proofs of delivery; Rubis reported digital sales channels accounted for 42% of B2B transactions in 2024 while group revenue was €6.1bn in 2024.
- Portals: orders/tickets/billing
- APIs: ERP integrations
- Automation: status/POD
- Data feeds: planning/reconciliation
Maritime and aviation channels
Maritime and aviation channels supply bunkering and jet fuel at select ports and airports, coordinating schedules with port and airport authorities to ensure timely deliveries. Operations comply with IMO 0.50% sulphur cap (since 2020) and ICAO CORSIA requirements, meeting sector-specific standards. Focus on rapid turnaround to minimize downtime, targeting under 3 hours per service where infrastructure allows.
- Channels: bunkering and jet fuel at select ports/airports
- Coordination: scheduled with port and airport authorities
- Compliance: IMO 0.50% sulphur cap; ICAO CORSIA
- Performance: rapid turnaround, target <3 hours
Omnichannel fuel network: 42% digital B2B, 37 countries
Direct B2B account-managed contracts, depots/terminals and branded retail/resellers (37 countries) plus maritime/aviation services form Rubis’s omni-channel network, with digital/EDI enabling 42% of B2B transactions in 2024. LPG retail ~1,200 outlets; group revenue €6.1bn in 2024; operations comply with IMO 0.50% and ICAO CORSIA; target turnaround <3h.
| Channel | 2024 metric | Notes |
|---|---|---|
| Digital B2B | 42% | of B2B transactions |
| Revenue | €6.1bn | Rubis Group 2024 |
| Retail reach | 37 countries | branded network |
| LPG outlets | ~1,200 | household/SME distribution |
| Market | 101.3 mb/d | IEA 2024 oil product demand |
Customer Segments
Industrial and manufacturing
Industrial and manufacturing plants rely on Rubis for fuels, LPG and process chemicals, with 2024 operations emphasizing steady supply and on-site or regional storage solutions to avoid production outages. Contracts are often multi-year and volume-committed, while value-added services include technical support, safety training and inventory management. Rubis targets reliability and uptime as core value propositions.
Commercial transport and fleets
Trucking, bus and logistics operators rely on Rubis for reliable on-site fueling and timed deliveries; in 2024 fleets accounted for roughly one-third of on-road diesel demand in core markets, driving predictable volume needs.
These customers prioritize pricing stability and loyalty programs—contracted discounts and volume rebates reduce fuel cost volatility and improve retention.
Accurate billing and telemetry integration are mandatory: real-time telematics reduces reconciliation errors and lowers fleet fueling costs by up to several percent annually.
Households and small businesses
Households and small businesses use Rubis LPG cylinders and small bulk, prioritizing safety, availability and convenience. Customers value clear pricing and timely swaps, with exchange times often under 15 minutes. These segments are largely served via a network of over 1,000 distributors and 2,000 retail points (2024). Focus on cylinder quality and last-mile availability drives retention.
Marine, aviation, and infrastructure
Ships, airlines and road contractors require time-critical, specification-sensitive bitumen deliveries for marine fuel blends, aviation support and paving projects; supplies often need on-site heating and handling at 150–200°C to remain pumpable. Rubis serves these segments with mobile heating, batching and strict HSE protocols to meet tight windows and regulatory safety requirements.
- Ships
- Airlines
- Road contractors
- Time-critical
- Spec-sensitive
- On-site heating 150–200°C
- Stringent safety
Chemical producers and traders
Chemical producers and traders require reliable liquid bulk storage and specialized handling to protect product integrity and regulatory compliance, often seeking customizable tank sizes and tailored services including blending, heating and dedicated pipelines. Contracts are typically long-term with throughput guarantees and SLAs to secure supply chains and margin stability. Rubis positions its terminals to meet these needs with integrated logistics and quality controls.
- Requires liquid bulk storage and specialized handling
- Customizable tank capacity and value-added services
- Compliance, traceability and product integrity critical
- Long-term contracts with throughput guarantees
Uptime-driven supply: fleets ~33% diesel; >1,000 LPG
Industrial clients secure multi-year, volume-committed contracts with on-site/regional storage to avoid outages; Rubis emphasizes uptime, technical support and safety. Fleets (trucking, bus, logistics) drove roughly one-third of on-road diesel demand in core markets in 2024, needing reliable timed deliveries and telematics. Households/small businesses use LPG via over 1,000 distributors and 2,000 retail points (2024), valuing safety and fast swaps.
| Segment | Key metrics | 2024 stat |
|---|---|---|
| Fleets | Volume share | ~33% of on-road diesel |
| Retail LPG | Distribution points | >1,000 distributors; 2,000 retail points |
| Bitumen/Marine | Handling temp | 150–200°C on-site heating |
Cost Structure
Feedstock and product procurement
Feedstock and product procurement is the largest cost pillar for Rubis, dominated by fuels, LPG, bitumen and chemicals; freight, insurance and import duties are embedded in procurement costs. Procurement exposure is actively managed via long‑term supply contracts and hedging programs. Sensitivity to commodity markets is high: Brent averaged about $85/barrel in 2024, materially impacting input costs and margins.
Logistics and distribution
Fleet operations, leasing and transport fuel represent a core recurring cost for Rubis, with 2024 industry transport fuel volatility pushing carrier spend markedly during peak months; port fees, handling and warehousing add fixed and per-tonne charges that can account for double-digit percent increases in distribution spend; maintenance and telematics drive predictive upkeep and reduce downtime but add capital and OPEX lines; seasonal scaling and surge capacity in 2024 required contracted capacity premiums and temporary leasing to cover peak demand.
Terminal operations and maintenance
Staffing, utilities and spare parts form the core day-to-day O&M cash outflows for Rubis terminals, covering operators, fuel/electricity and inventory for pumps and valves. Inspections, calibrations and integrity programs follow regulatory cycles—API 653 tank inspections typically every 5 years and equipment calibrations commonly performed annually. Automation and IT upkeep require continuous software/SCADA support, while storage assets are depreciated over typical accounting lives of 20–40 years.
Regulatory, HSE, and compliance
SG&A and financing
SG&A and financing for Rubis cover sales, admin and overhead across its retail and B2B outlets in 37 countries, with notable spend on branding and customer service to support its Euronext Paris-listed operations (ticker RUI).
Insurance, taxes and professional services, plus interest, hedging and currency costs, materially affect margins given Rubis’s multinational exposure and commodity-linked cash flows.
- SG&A: global retail & B2B operating costs
- Insurance/taxes/professional fees: regulatory burden
- Interest/hedging/currency: financing & FX risk
- Branding/customer service: retention & differentiation
Brent at $85/bbl drives margin volatility; fleet, terminals and compliance add recurring costs
Feedstock procurement (fuels/LPG/bitumen) is the largest cost; Brent averaged $85/bbl in 2024, driving margin volatility. Fleet, port and storage operations add significant recurring and seasonal costs; terminals depreciated over 20–40 years. Compliance/HSE ≈1% of group revenue in 2024; SG&A, insurance, interest and FX further compress margins.
| Metric | 2024 |
|---|---|
| Brent | $85/bbl |
| Compliance | ~1% rev |
| Countries | 37 |
| Terminal life | 20–40 yrs |
Revenue Streams
Petroleum product sales
Petroleum product sales at Rubis cover diesel, gasoline and fuel oil to B2B clients and retail networks, with pricing set via spot, index-linked or bespoke contract formulas; Brent averaged roughly $86/bbl in 2024, shaping feedstock costs. Margins hinge on supply chain efficiency—storage, logistics and refinery access—and are pressure points in 2024 trading conditions. Revenue is volume-driven with seasonal peaks in summer transport and winter heating affecting quarterly mix and utilization.
LPG sales
LPG sales combine cylinders and bulk deliveries to households and businesses, with Rubis capturing both retail and industrial demand; in 2024 this channel remained core to downstream revenues. Rental and deposit income from cylinders provide recurring cashflows. Tiered pricing by volume and service level boosts margins. Stable demand in 2024 is supported by safety-led differentiation and service reliability.
Storage and handling fees
Storage and handling fees comprise tank leasing, throughput and handling charges, with add-ons for heating, blending and sampling billed separately to capture value-added services.
Logistics and support services
Logistics and support services generate revenue through transportation, last-mile delivery and fleet services, with ancillary income from documentation and customs clearance; premiums for urgent or off-hour deliveries boost margins. Integrated solutions (fuel + logistics + storage) increase share of wallet and cross-sell; last-mile demand grew in 2024 as the global last-mile market was estimated at $78.5 billion.
- transportation & fleet
- last-mile premiums
- customs/documentation fees
- integrated cross-sell
Bitumen and specialty sales
Bitumen and specialty sales supply road and infrastructure projects with tailored bitumen grades and complementary specialty chemicals and services, delivered through project-based contracts with milestone payments; niche additives and technical services enable premium pricing and higher margins versus bulk fuel sales. Rubis leverages logistics and storage assets to secure steady project deliveries and capture value from specification-driven products.
- Bitumen supply to road and infrastructure projects
- Specialty chemicals and technical services
- Project contracts with milestone deliveries
- Higher margins on niche products
Petroleum-led volumes; LPG 25%, Brent $86/bbl
Petroleum product sales (diesel, gasoline, fuel oil) drive volumes with pricing via spot/index/contract; Brent averaged $86/bbl in 2024 and seasonality affects utilization. LPG (cylinders + bulk) remained core, ~25% of downstream revenue in 2024 with recurring cylinder rental income. Storage, logistics and bitumen/specialty project fees add premium margins; last-mile demand rose in 2024.
| Revenue stream | 2024 % | Key price/ref |
|---|---|---|
| Petroleum | 55% | Brent $86/bbl |
| LPG | 25% | Volume-tiered |
| Storage & logistics | 12% | Throughput fees |
| Bitumen & specialty | 8% | Project premiums |