Libya’s OLA Energy acquires TotalEnergies’ assets in Ethiopia

Libya’s OLA Energy Group, part of the Libya Africa Investment Portfolio, has signed an acquisition agreement with France’s TotalEnergies to acquire its assets in Ethiopia, in a move that strengthens Libya’s investment presence across African markets and expands the group’s footprint in the continent’s fuel distribution sector.

The signing ceremony took place in Paris in the presence of the Minister of Oil and Gas in the Government of National Unity, Khalifa Abdulsadiq, Libya’s Chargé d’Affaires to France, Mohamed Hammouda, TotalEnergies CEO Patrick Pouyanné, OLA Energy Chairman Abuzed Suwalem, along with senior officials and representatives from both sides.

The acquisition includes approximately 120 fuel service stations, a 13,000-cubic-meter fuel storage terminal, and the associated operational and commercial activities, making OLA Energy the largest foreign company in Ethiopia’s fuel distribution market.

The acquisition forms part of efforts to expand Libya’s economic presence across Africa and strengthen the overseas investments of Libyan national companies, supporting regional economic partnerships and creating new opportunities for cooperation and investment.