18 Jul 2026
OLA Energy Group has signed a Share Purchase Agreement (SPA) to acquire TotalEnergies' downstream operations in Ethiopia, subject to customary regulatory and administrative approvals.
OLA Energy Group has signed a Share Purchase Agreement (SPA) to acquire TotalEnergies' downstream operations in Ethiopia, subject to customary regulatory and administrative approvals.
The acquisition significantly strengthens OLA Energy's presence in East Africa by adding more than 120 service stations across key cities, including Addis Ababa, Dire Dawa, and Mek'ele. The agreement reinforces the company's position as one of Africa's leading independent downstream energy providers.
The signing ceremony took place at TotalEnergies' headquarters in Paris, attended by senior representatives from both organizations. OLA Energy was represented by Executive Chairman Abozid Swalem, alongside Dr. Khalifa Rajab Abdulsadek, Libya's Minister of Oil, Mohamed Hamuda, Chargé d'Affaires at the Libyan Embassy in Paris, Dario Najm, Group Legal Director, and Maurizio Libutti, Corporate Strategy Officer.
The transaction includes TotalEnergies Marketing Ethiopia's entire downstream portfolio, covering retail fuel sales, business-to-business (B2B) operations, aviation fuel services, and lubricants. It also encompasses 10 storage facilities, logistics infrastructure, and existing digital payment solutions.
In addition to fuel distribution, the acquired network features convenience stores, car wash facilities, lubricant service bays, and aviation fuel operations at Bole International Airport in Addis Ababa.
OLA Energy currently operates in 17 African countries, managing a network of more than 1,100 service stations, supported by blending plants, fuel terminals, and operations at over 50 airports. The company supplies fuels, lubricants, LPG, convenience retail services, and automotive solutions across major markets including Egypt, Morocco, Tunisia, Kenya, Senegal, Côte d'Ivoire, Cameroon, Gabon, Sudan, and now an expanded footprint in Ethiopia.
With a population exceeding 120 million and one of Africa's fastest-growing economies, Ethiopia represents a significant long-term growth market. Despite increasing energy demand, the country's fuel consumption remains relatively low at approximately 0.4 barrels per capita annually, highlighting substantial opportunities for future expansion.
Commenting on the acquisition, Executive Chairman Abozid Swalem said the agreement demonstrates OLA Energy's strong confidence in Ethiopia's economic potential and aligns with the company's long-term strategy of expanding its regional presence while delivering reliable energy solutions to customers and communities across Africa.
The financial terms of the transaction were not disclosed. The detailed article is published by https://www.olaenergy.com/ can be accessed from https://www.olaenergy.com/news-details/ola-energy-expands-african-footprint-with-ethiopia-acquisition
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