An acquisition agreement was signed in Paris yesterday between Libya’s OLA Energy Holdings and Total Energies at the company's headquarters in the French capital. The agreement covers the acquisition of Total Energies' assets in Ethiopia. The value of the deal was not announced.
OLA Energy Holdings is owned by the Libya Africa Investment Portfolio (LAIP) which is a subsidiary of Libya’s sovereign wealth institution, the Libya Investment Authority (LIA).
The signing ceremony was attended by Libyan Minister of Oil and Gas Khalifa Abdel Sadig, Chargé d'Affaires of the Libyan Embassy in France Mohamed Hamouda, Chairman and CEO of Total Energies Patrick Pouyanné, and Chairman of OLA Energy Holdings Abouzeid Swalem, along with several officials and representatives from both sides.
The agreement includes the acquisition of approximately 120 fuel distribution stations, a fuel storage depot with a capacity of 13,000 cubic meters and associated operational and commercial activities. This makes OLA Energy the largest foreign company in the Ethiopian fuel distribution market.
The Libyan Embassy in Paris said the move strengthens economic and trade relations between Libya and African countries. It also supports Libya's economic presence in Africa and enhances the role of Libyan companies in undertaking strategic investments abroad, contributing to the consolidation of regional economic partnerships and opening new avenues for cooperation and investment.
Abdel Sadeg hold meeting with Total Energies CEO Pouyanné
On the sidelines of the signing ceremony, Minister of Oil and Gas, Abdel Sadig, met with the CEO of Total Energies, Patrick Pouyanné.
The meeting addressed ways to strengthen existing cooperation between Libya and Total Energies, and opportunities to expand their partnership in the oil and gas sector, supporting sector development efforts and enhancing the investment climate.
The meeting was also attended by the Consul General of Libya in France, Mohamed Hamouda, and the Chairman of the Board of Directors of OLA Energy Group, Abu Zeid Swalem, along with several officials from both companies.