OLA Energy Acquires TotalEnergies' Ethiopia Network, Ending 76-Year Presence

OLA Energy has signed an agreement to acquire TotalEnergies’ fuel retail and storage business in Ethiopia, marking one of the country’s largest downstream energy transactions in recent years.

The agreement, signed in Paris on 30 June, covers TotalEnergies’ entire Ethiopian fuel distribution network, including between 120 and 143 service stations, a 13,000-cubic-metre fuel storage terminal in Dukem and related commercial operations. Once completed, the acquisition will make OLA Energy the largest foreign fuel retailer operating in Ethiopia.

Financial terms of the transaction were not disclosed, while both companies have yet to announce details regarding employee transfers, regulatory approvals or the timeline for rebranding the service station network.

The signing ceremony was attended by Libya’s Minister of Oil and Gas Khalifa Abdulsadiq, Libya’s chargé d’affaires to France Mohamed Hammouda and TotalEnergies Chief Executive Officer Patrick Pouyanné.

TotalEnergies Ends 76-Year Presence

The acquisition brings to a close TotalEnergies’ 76-year history in Ethiopia. The French energy company established its operations in the country in 1950 and grew to become one of Ethiopia’s largest fuel distributors, operating an extensive retail network alongside a strategic fuel and liquefied petroleum gas storage facility in Dukem.

The sale forms part of TotalEnergies’ broader strategy to streamline its downstream retail portfolio across Africa. Reports in 2025 indicated the company intended to divest approximately 150 service stations in Ethiopia and Eritrea as it refocused its regional operations.

OLA Energy Strengthens African Footprint

The acquisition further expands OLA Energy’s presence across Africa. Formerly known as OiLibya before rebranding in 2018, the company operates in 17 African countries and manages more than 1,350 service stations. Over the past two decades, it has steadily expanded through acquisitions, including former Shell and ExxonMobil assets in several African markets.

OLA Energy is owned by the Libya Africa Investment Portfolio, Libya’s sovereign investment fund focused on African assets. According to Capital Ethiopia, the company reported a net profit of €34.5 million in 2024, providing a strong financial foundation for continued regional expansion.

The acquisition comes as Ethiopia continues reforming its downstream fuel sector. In October 2025, the government introduced a new fuel market allocation system that categorises cities according to population size and economic activity. The reforms aim to improve market efficiency while helping reduce cross-border fuel smuggling, creating a more competitive operating environment for fuel distributors.