OLA Energy Ethiopia Expansion
OLA Energy acquires TotalEnergies' Ethiopian downstream operations, expanding its network by over 120 stations.
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OLA Energy Group has signed a deal to buy TotalEnergies' downstream business in Ethiopia, according to PR Newswire. The Share Purchase Agreement adds more than 120 service stations to OLA Energy's network across the country.
The deal covers stations in major cities including Addis Ababa, Dire Dawa, and Mek'ele. It still needs approval from regulators in Ethiopia before it can close, Yahoo Finance reported.
OLA Energy Adds 120-Plus Stations in One Deal
The acquisition hands OLA Energy the full downstream operation that TotalEnergies ran in Ethiopia. Downstream means fuel distribution and retail — everything from storage and transport to selling fuel at the pump. The more than 120 stations are spread across Ethiopia's biggest cities and key regional hubs, PR Newswire reported.
OLA Energy already had a presence in Ethiopia before this deal. The new stations will sharply expand how many customers and businesses the company can serve. Ethiopia is one of Africa's fastest-growing economies, making it a high-priority market for energy companies.
TotalEnergies Exits Ethiopian Retail Fuel Market
TotalEnergies is selling off its Ethiopian marketing arm as part of broader moves to reshape its African retail portfolio. The French energy giant has been trimming downstream operations in select African markets. The Ethiopia sale follows a pattern of large global energy firms offloading local fuel station networks, Yahoo Finance noted.
The agreement is a Share Purchase Agreement, or SPA. That means OLA Energy is buying the shares of TotalEnergies Marketing Ethiopia — the legal entity that owns and runs the stations. Once regulators approve the deal, full ownership transfers to OLA Energy.
Deal Fits OLA Energy's Push Across the Continent
OLA Energy is one of Africa's largest energy networks. The company already operates in multiple African countries. Adding Ethiopia's TotalEnergies stations strengthens its position as a continent-wide fuel and energy distributor, according to PR Newswire UK.
The company said the deal aligns with its strategy to grow in high-potential markets. Ethiopia has a population of more than 120 million people — the second largest in Africa. That makes it a significant prize for any energy company looking to scale up on the continent.
Regulatory Approval Stands Between Deal and Completion
The transaction is not final yet. Both sides must wait for approval from Ethiopian government authorities before the deal can close. The timeline for that review has not been made public, Yahoo Finance reported.
If approved, OLA Energy will take over all of TotalEnergies Marketing Ethiopia's operations. That includes the station network, staff, and supply infrastructure built up over years of operation in the country. No financial terms of the deal were disclosed.
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