OLA Energy to acquire TotalEnergies' Ethiopia downstream business
The acquisition covers TotalEnergies Marketing Ethiopia's full downstream network of more than 120 service stations.
OLA Energy Group has signed an agreement with TotalEnergies to acquire the French major's downstream operations in Ethiopia, pending regulatory approval from Ethiopian authorities. The deal was signed at TotalEnergies' Paris headquarters, with OLA Energy represented by Executive Chairman Abozid Swalem alongside Libyan Minister of Oil Khalifa Rajab Abdulsadek and other senior executives.
The acquisition covers TotalEnergies Marketing Ethiopia's full downstream network of more than 120 service stations in cities including Addis Ababa, Dire Dawa and Mek'ele, serving retail, B2B, aviation and lubricant customers. The assets include 10 storage facilities, logistics infrastructure, digital payment systems, convenience stores, car wash facilities and aviation fuel supply at Bole International Airport.
Ethiopia's fuel market remains underpenetrated relative to its population of more than 120 million, with per capita fuel consumption of just 0.4 barrels per year, a factor OLA Energy cites as a long-term growth driver.
"This agreement reflects our confidence in Ethiopia and in the continued growth potential of Africa's energy markets," said Swalem.
The company said continuity and job security for TotalEnergies Marketing Ethiopia's workforce will be prioritized during the transition, with operations continuing as normal until closing. OLA Energy currently operates in 17 African countries and already has a presence in Ethiopia, which the deal is expected to expand.
