Libya-backed OLA Energy Holdings has signed an agreement to acquire TotalEnergies’ assets in Ethiopia, adding a major network of fuel stations and storage infrastructure to its African downstream portfolio.
The transaction covers around 120 fuel service stations, a 13,000-cubic-meter fuel storage depot and related operational and commercial activities. The deal supports OLA Energy’s wider strategy of expanding across African markets while giving TotalEnergies a route to exit Ethiopia’s retail fuel business after decades in the country.
Key Overview
The agreement was disclosed by Libya’s Tripoli-based Government of National Unity and reported by Xinhua, which said OLA Energy will acquire about 120 fuel service stations, a fuel storage depot and associated commercial operations.
Reuters also reported that the acquisition includes a 13,000-cubic-metre storage terminal and would make OLA Energy the largest foreign company in Ethiopia’s fuel retail market. The value of the transaction has not been publicly disclosed.
OLA Energy Expands Its African Footprint
For OLA Energy, the deal strengthens its presence in East Africa and deepens its role as a pan-African fuel retailer. The company already operates a large network across the continent, with its retail business built around fuel distribution, convenience services and mobility-related offerings.
OLA Energy says its wider African network includes 1,350 service stations, 175 convenience stores and 161 cafés and restaurants. The Ethiopia acquisition therefore fits into an established regional growth model rather than a one-off market entry.
The deal also carries strategic significance for Libya. OLA Energy is linked to Libyan investment institutions, and Libya Herald reported that the group is owned by the Libya Africa Investment Portfolio, a subsidiary of the Libya Investment Authority. That makes the transaction part of Libya’s wider effort to use state-backed investment vehicles to expand commercial influence across African markets.
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What TotalEnergies Is Selling
The Ethiopian business being transferred is a sizeable retail fuel operation. TotalEnergies’ own country profile says the company has approximately 120 service stations in Ethiopia, where it sells fuel, products and related services to customers.
Reports before the official announcement had already indicated that TotalEnergies was preparing to sell its Ethiopian service station network to OLA Energy. Ethiopia Observer, citing Africa Business+, said the French group had reached an agreement to transfer around 120 service stations to the Libyan-backed operator.
The transaction appears focused on downstream retail and storage assets, not TotalEnergies’ broader global energy portfolio. For TotalEnergies, it represents a portfolio adjustment in one African market, while OLA Energy gains local scale in a strategic East African economy.
Ethiopia’s Fuel Retail Market Gets a New Leader
The deal could reshape Ethiopia’s fuel distribution landscape by placing a large foreign-operated retail network under OLA Energy’s control. If completed as reported, OLA Energy would take over a network with strong consumer visibility, commercial customer relationships and storage capacity that supports supply reliability.
The 13,000-cubic-meter storage depot is important because downstream fuel competition is not only about service stations. Storage capacity can help operators manage logistics, distribution timing and supply continuity, especially in markets where fuel availability and import systems are sensitive to regulation and foreign exchange conditions.
For customers, the near-term question will be continuity. The announced acquisition includes operational and commercial activities, suggesting that OLA Energy is expected to take over an active business rather than only physical assets.
Part of a Wider African Energy Realignment
The acquisition comes as African downstream fuel markets continue to change ownership patterns. International energy majors have been reassessing some retail operations, while regional and state-backed players are looking to build scale in distribution, storage and customer-facing energy services.
For Libya, the deal gives a government-backed African investment platform a stronger position in Ethiopia. For OLA Energy, it adds a major retail network in a large and strategically located East African country. For TotalEnergies, it signals a selective exit from a retail business where local and regional operators may now see stronger growth opportunities.
The transaction value has not been announced, and final market impact will depend on regulatory approvals, integration and how OLA Energy manages the TotalEnergies-branded customer base after completion.
Sources used: Xinhua / Reuters / TotalEnergies / Ethiopia Observer / Libya Herald / OLA Energy
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