OLA Energy Group to Acquire TotalEnergies Marketing Ethiopia
OLA Energy Group and TotalEnergies SE announced the signing of a Share Purchase Agreement for OLA Energy to acquire TotalEnergies Marketing Ethiopia. The acquisition adds over 120 service stations across key Ethiopian cities including Addis Ababa, Dire Dawa, and Mek'ele, along with 10 storage assets, digital payment solutions, and logistics infrastructure. The deal encompasses full downstream operations serving B2B, retail, aviation, and lubricant customers. Separately, TD Cowen lowered its price target on TotalEnergies SE (NYSE:TTE) to $102 from $106 on July 2, maintaining a Buy rating, citing 'pockets of opportunity' in the oil sector after a rapid correction in crude prices. TotalEnergies is a global integrated energy company headquartered in Courbevoie, France, operating across Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services segments.
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