French energy giant TotalEnergies is exiting the Ethiopian market after agreeing to sell its downstream assets to Libya’s OLA Energy Holdings Ltd., according to the Tripoli-based Government of National Unity, confirming reports that had emerged in recent days.

The signing ceremony, held on June 30 at TotalEnergies’ headquarters in Paris, was attended by Libya’s Oil and Gas Minister Khalifa Abdulsadiq and TotalEnergies Chief Executive Patrick Pouyanné, according to reports.

Under the agreement, OLA Energy will acquire about 120 fuel service stations, a fuel storage depot with a capacity of 13,000 cubic metres, as well as related operational and commercial activities.

The acquisition marks the end of TotalEnergies’ 76-year presence in Ethiopia’s retail fuel market.

OLA Energy Holdings Ltd., formerly known as Oil Libya Holdings Ltd., is a Libyan energy company owned by investment institutions. It is steadily expanding its footprint across Africa, where it operates more than 1,300 fuel stations in 17 countries, along with 60 fuel terminals and aviation refuelling services at 55 airports, according to company sources.