#Ethiopia #TotalEnergies #Addis Ababa #OLA Energy

OLA Energy Expands Its African Network with TotalEnergies Acquisition

Recently, OLA Energy Group announced a significant step in strengthening its foothold in Africa by entering into a Share Purchase Agreement (SPA) with TotalEnergies. This agreement entails the acquisition of TotalEnergies' downstream operations in Ethiopia, primarily featuring a network of more than 120 service stations located in key cities such as Addis Ababa, Dire Dawa, and Mek'ele. With this acquisition, OLA Energy reaffirms its commitment to enhancing its role as a leading player in the African energy sector.

Key Details of the Acquisition

The transaction will encompass full operational control of TotalEnergies' marketing activities in Ethiopia. This includes not only the vast network of service stations but also vital infrastructure components such as storage facilities and professional logistics systems. Furthermore, the acquisition integrates advanced digital solutions designed to streamline payment processes, ensuring a contemporary experience for customers.

Beyond offering fuel, OLA Energy is set to expand the range of services at these locations, which includes convenience stores, car wash services, and aviation fuel supply specifically at the busy Bole International Airport in Addis Ababa.

A Strategic Move for OLA Energy

Ethiopia stands out as one of the fastest-growing economies in Africa, boasting a population exceeding 120 million and witnessing a rapid increase in energy demands. The country's fuel market remains relatively untapped, with a per capita consumption rate of only 0.4 barrels per year. This scenario presents a robust opportunity for OLA Energy to establish a strong market presence and tap into a burgeoning consumer base.

As Abozid Swalem, Executive Chairman of OLA Energy Group, explained, “This agreement reflects our confidence in Ethiopia and in the continued growth potential of Africa's energy markets.” The strategic acquisition is fully aligned with OLA Energy’s broader objectives, which aim at growth opportunities in high-potential markets across the continent.

Commitment to a Smooth Transition

OLA Energy Group has assured that customer service and operational continuity will be prioritized throughout the transition process. TotalEnergies' current employees will remain essential to OLA Energy's operational strategy, ensuring a seamless integration aimed at maintaining service quality standards throughout the transition. Activities associated with the acquired network will continue to function lawfully and within the agreed terms until the deal is fully concluded and necessary approvals are obtained.

About OLA Energy Group

Founded as one of Africa's prominent energy firms, OLA Energy operates in more than 17 African countries. The company boasts a diverse array of service stations, providing comprehensive energy solutions that include fuels, lubricants, and various industrial services. Aiming for excellence and safety, OLA Energy plays a crucial role in fostering mobility and economic development within the African landscape.

As the continent’s energy landscape continues to evolve, this acquisition marks a significant chapter in OLA Energy’s growth strategy. With expanded operations driven by thoughtful investments and strategic partnerships like the one with TotalEnergies, OLA Energy is poised to make a lasting impact on Africa's energy sector.