OLA Energy Strengthens Its African Footprint with Agreement to Acquire TotalEnergies Marketing Ethiopia

PARIS, July 7, 2026 /PRNewswire/ -- The acquisition adds more than 120 service stations across Ethiopia, including Addis Ababa, Dire Dawa and Mek'ele, reinforcing OLA Energy's position as a leading pan-African energy network.

OLA Energy Group announces the signing of a Share Purchase Agreement (SPA) with TotalEnergies to acquire TotalEnergies' downstream activities in Ethiopia, subject to the satisfaction of customary conditions precedent, including the required regulatory and administrative approvals from the competent authorities in Ethiopia.

The signing took place at TotalEnergies' headquarters in Paris, in the presence of senior representatives from OLA Energy and TotalEnergies. OLA Energy Group was represented by Mr. Abozid Swalem – Executive Chairman of OLA Energy Group, accompanied by Dr. Khalifa Rajab Abdulsadek – Libyan Minister of Oil, Mr. Mohamed Hamuda – Chargé d'Affaires at the Libyan Embassy in Paris, Mr. Dario Najm – Group Legal Director, and Mr. Maurizio Libutti – Corporate Strategy Officer.

What OLA Energy Is Acquiring

The transaction covers TotalEnergies Marketing Ethiopia's full downstream operations — a network of more than 120 service stations strategically located across major cities including Addis Ababa, Dire Dawa and Mek'ele, serving retail, B2B, aviation and lubricant customers. The network includes 10 storage assets, world-class logistics infrastructure, and digital payment solutions already in operation.

Beyond fuel, the acquired network operates non-fuel services including convenience stores, car wash facilities, lubricant bays, and aviation fuel supply at Bole International Airport in Addis Ababa.

OLA Energy is already present in Ethiopia and, through this acquisition, aims to expand its existing network, strengthen its operational coverage and increase its ability to serve consumers, businesses and communities in one of Africa's most dynamic markets.

Strategic Significance

Ethiopia is one of Africa's fastest-growing economies, with a population of over 120 million and rapidly rising energy demand. The country's fuel market remains underpenetrated, with per capita fuel consumption of just 0.4 barrels per year – presenting significant long-term growth opportunity for OLA Energy.

For OLA Energy, the agreement confirms the Group's long-term confidence in Africa's energy, mobility and services sectors. It is also aligned with its strategy to grow in high-potential markets, reinforce its African footprint and invest in networks that support trade, mobility and local economic activity across 17 African countries.

From Our Executive Chairman

"This agreement reflects our confidence in Ethiopia and in the continued growth potential of Africa's energy markets. It is fully aligned with OLA Energy's ambition to expand its presence, strengthen its network and remain close to the customers and communities we serve across the continent."

— Abozid Swalem, Executive Chairman, OLA Energy Group

Commitment to Continuity

OLA Energy Group confirms that continuity, safety and respect for local expertise will be central to the transition. TotalEnergies Marketing Ethiopia employees remain a key priority, and the Group intends to work towards a smooth transition that preserves operational stability, service quality standards and business continuity, subject to completion of the transaction. Until closing, the relevant activities will continue to operate in accordance with applicable laws, regulations and contractual obligations. The acquisition will be completed once the applicable conditions precedent have been satisfied, including the approvals of the competent authorities in Ethiopia.

About OLA Energy Group

OLA Energy Group is one of Africa's leading energy companies, operating in more than 17 African countries. The Group manages a broad network of service stations and provides a comprehensive range of energy solutions covering fuels, lubricants, aviation, marine, wholesale and industrial services, as well as mobility and service offerings. Through its focus on operational excellence, safety and service quality, OLA Energy contributes every day to mobility and development across African markets.

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