CAIRO, Libya’s OLA Energy plans to invest EGP 2 billion in 20 new fuel stations across Egypt during the 2027/28 financial year, while exploring a partnership with two state-owned petroleum distributors to revive struggling outlets, Bloomberg Asharq reported, citing a person familiar with the plans.
The investment would expand OLA Energy’s Egyptian network by nearly 17%, from approximately 120 to 140 stations. The company has invested an estimated EGP 12 billion in the country and operates a lubricants blending and production plant in Alexandria, according to the report.
OLA Energy is considering a joint retail brand with Misr Petroleum and Cooperation Petroleum to rehabilitate and operate stations facing financial or operational difficulties. The arrangement could accelerate expansion by bringing existing facilities back into service rather than relying solely on new construction.
The two state-owned companies operated a combined 2,794 stations in the 2024/25 financial year, according to Egyptian government figures. No agreement has been announced, and the proposed partnership’s ownership structure, investment commitments and number of participating stations remain undisclosed.
The EGP 2 billion expansion budget implies an average allocation of EGP 100 million per new station, although individual development costs have not been disclosed.
Competition in Egypt’s fuel retail market is intensifying. UAE-based ADNOC Distribution was reported in September to be considering a roughly $1 billion investment to add 400 stations to its Egyptian network, underscoring growing regional interest in the country’s downstream petroleum sector.
OLA Energy, part of the Libya Africa Investment Portfolio, operates in 17 African countries, with more than 1,500 service stations. In June, it agreed to acquire TotalEnergies’ Ethiopian downstream business, including more than 120 stations, subject to regulatory approval.
The Egyptian expansion would strengthen OLA Energy’s regional footprint and potentially introduce a new model for rehabilitating underperforming state-owned fuel retail assets. Implementation will depend on final investment decisions and the outcome of partnership negotiations.
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