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OLA Energy to Acquire TotalEnergies Ethiopia Network

OLA Energy has signed a share purchase agreement to acquire the downstream operations of TotalEnergies in Ethiopia, a move that adds over 120 service stations to its pan-African footprint. The deal, pending regulatory approval, marks a significant expansion into one of the continent's most rapidly growing energy markets.

OLA Energy to Acquire TotalEnergies Ethiopia Network
Photo: Bio & News

The acquisition encompasses a broad range of assets, including 10 storage facilities, logistics infrastructure, and established digital payment systems. Beyond standard fuel retail, the network serves B2B, aviation, and lubricant sectors, notably operating fuel supply services at Bole International Airport in Addis Ababa. The transition includes service stations across key urban centers such as Dire Dawa and Mek'ele.

For OLA Energy, the purchase signals a long-term investment in a market with a population exceeding 120 million and low per-capita fuel consumption. Executive Chairman Abozid Swalem stated that the agreement aligns with the company’s broader strategy to reinforce its presence across 17 African countries. While the deal remains subject to administrative clearance, the company has pledged to maintain operational stability and prioritize the retention of the existing workforce during the transition period.

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