Libya’s OLA Energy Finalizes Major Acquisition of TotalEnergies’ Ethiopian Assets

The Libyan OLA Energy Group has signed a full acquisition agreement for the Ethiopian assets of the French-owned TotalEnergies. This agreement, finalized in Paris, transfers ownership of nearly 120 fuel stations and a critical 13,000-cubic-meter fuel storage terminal. This move has enabled the Libyan government-backed company to become the largest foreign operator in Ethiopia’s retail fuel market.

This transaction has been described as a major milestone for OLA Energy, a branch of the Libya Africa Investment Portfolio (LAIP), as it continues to expand its influence across the continent.
Similarly, this agreement, concluded on Tuesday, June 30, 2026, marks the end of a 76-year presence for the French energy giant, TotalEnergies, in one of Africa’s most populous and fastest-growing economies.

The signing ceremony was attended by high-ranking government officials, including Libya’s Minister of Oil and Gas, Khalifa Abdulsadiq, and TotalEnergies CEO Patrick Pouyanné, though it was noted at the time that this did not necessarily reflect the full strategic significance of the agreement.

Formerly known as Oil Libya Holdings and rebranded in 2018, OLA Energy is fully owned by the Libya Africa Investment Portfolio (LAIP), a sovereign wealth fund established to manage Libya’s domestic and international investments. The company is building a massive energy network across Africa, operating over 1,300 fuel stations in 17 countries, 60 fuel terminals, and aviation refueling services at 55 airports.

This expansion in Ethiopia is part of a series of strategic acquisitions. Over the past two decades, OLA Energy has grown by acquiring retail networks in various African markets that were previously managed by global companies such as Shell and ExxonMobil. Despite various challenges, the company remains on a consistent growth trajectory, including a reported net profit of 34.5 million euros for 2024.

TotalEnergies’ decision to sell its Ethiopian assets comes after nearly eight decades of operations in the country.

TotalEnergies began operations in Ethiopia in 1950 and has remained one of the country’s most recognized fuel brands, operating over 160 stations nationwide. The company operated a major fuel and LPG storage depot in Dukem, which was critical for industrial supply. Additionally, it was actively involved in social initiatives, including road safety campaigns and entrepreneurial programs such as the “Total Startupper of the Year.”

Capital made repeated attempts to obtain a response from TotalEnergies regarding its exit from the market but was unsuccessful.

This agreement comes at a time when Ethiopia is implementing broad reforms to improve its fuel distribution sector. The Ethiopian Petroleum and Energy Authority recently introduced a new market share formula aimed at ensuring fair allocation and increasing efficiency.

Industry experts have suggested that these reforms are likely aimed at addressing supply chain disruptions—exacerbated by regional geopolitical tensions—and curbing illegal cross-border fuel smuggling.