Ethiopian authority reportedly blocks Ola Energy's acquisition of TotalEnergies assets

This decision is reportedly due to concerns that the merger could significantly increase Ola Energy's market share to nearly half of the fuel distribution market, potentially creating a dominant position and reducing competition. Ola Energy Holdings, a subsidiary of the Libya Africa Investment Portfolio, had announced on June 30 its acquisition of TotalEnergies' assets in Ethiopia, a deal whose value was not disclosed. The agreement included approximately 120 fuel distribution stations, a 13,000 cubic meter fuel storage depot, and related operational and commercial activities.

If approved, the acquisition would have made Ola Energy the largest foreign company in Ethiopia's fuel distribution market.