Ethiopian regulator halts Ola Energy's TotalEnergies acquisition

Ola Energy would take over roughly 120 fuel stations and a 13,000 cubic metre storage depot.

Ethiopia's Trade Competition and Consumer Protection Authority has reportedly suspended its review of Ola Energy's proposed acquisition of TotalEnergies' Ethiopian assets, according to multiple local sources.

The agreement, signed in Paris on 30 June, would see Ola Energy take over roughly 120 fuel stations and a 13,000 cubic metre storage depot, along with related operational and commercial activities. Financial terms have not been disclosed.

Sources familiar with the review told Capital Newspaper that regulators are assessing whether the combined company would command a market share approaching half of Ethiopia's fuel retail business, raising concerns about excessive market concentration. The two companies reached their agreement as OLA Energy, a pan-African fuel retailer backed by Libyan state investment institutions, moved to acquire TotalEnergies' Ethiopian business.

Officials reportedly worry that a single dominant operator could increase vulnerabilities in the fuel supply chain should any future disruption or withdrawal occur. If completed, the deal would make Ola Energy the largest foreign fuel retailer in Ethiopia, surpassing the state-owned National Oil Company in scale.