OLA Energy has signed an agreement to acquire TotalEnergies’ fuel retail and storage business in Ethiopia, in one of the country’s notable downstream energy transactions in recent years. Signed in Paris on 30 June, the deal covers TotalEnergies’ 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.
Financial terms were not disclosed, while details on regulatory approvals, employee transfers and the timeline for rebranding the stations remain to be announced. Once completed, the acquisition will make OLA Energy the largest foreign fuel retailer operating in Ethiopia.
The transaction ends TotalEnergies’ 76-year presence in the Ethiopian market. The French energy company established operations in the country in 1950 and built an extensive fuel distribution network alongside fuel and LPG storage infrastructure.
The sale forms part of TotalEnergies’ wider strategy to streamline its downstream retail portfolio in Africa, with reports in 2025 indicating plans to divest around 150 stations across Ethiopia and Eritrea.
For OLA Energy, the acquisition strengthens its African footprint.
Formerly known as OiLibya, the company operates in 17 African countries with more than 1,350 service stations and has expanded through acquisitions of assets previously owned by international oil companies.
The deal comes as Ethiopia reforms its downstream fuel sector. New market allocation rules introduced in October 2025 classify cities according to population and economic activity, aiming to improve efficiency and curb cross-border fuel smuggling, potentially creating a more competitive environment for fuel distributors. .
TotalEnergies and OLA Energy executives sign a strategic partnership agreement.
SOURCE | TOTALENERGIES