Moussa Diao, from Geneva's trading desk to the helm of Oryx Energies

In September 2023, Oryx took control of Puma Energy Senegal, renamed Oryx Gaz Senegal. Through this, the group gained LPG operations, five service stations, and a bunkering business. Oryx already operates a storage terminal at the Port of Dakar and is building a second one at the new port of Sendou-Bargny.

"This acquisition strengthens our presence in Senegal, one of our key markets since 1989," Moussa Diao explained at the time. The transaction was part of the group's three-year strategic plan, dubbed "Oryzon 25".

The buyout of a $1 billion group

In early October 2026, Moussa Diao and head of trading Hervé Bouvet signed an agreement to acquire a majority stake. The sellers are the historical shareholders, including Jean-Claude Gandur. According to Africa Intelligence, the agreement dates back to 2 October and is being financed by a banking consortium including Afreximbank.

The deal reportedly values the group at around $1 billion, according to Bloomberg. It puts an end to the race entered into by American-Burkinabe financier Simon Tiemtoré, chairman of Lilium Capital, whose bid was unsuccessful. The breakdown of equity ownership and financing terms have not been made public.

The group he is preparing to control bears little resemblance to that of 1999. Oryx claims a presence in more than 30 African countries, including 17 with established downstream operations. It reports over 410 service stations, 11 major terminals, and around 947,000 m³ of storage capacity. It sells approximately 9.4 million tonnes of petroleum products annually and employs more than 1,800 people.

What his journey says about the industry

The buyout would bring a major player in West African downstream oil distribution under the control of a Senegalese executive, backed by a pan-African bank. It sends a strong signal to an industry long dominated by European trading houses and oil majors.

Numerous challenges lie ahead: financing the buyout, securing public supply contracts—which are often fraught with tension—and weathering fuel price volatility. Moussa Diao's first test as a controlling shareholder will be to prove that a group steered from Africa can maintain its standing against global trading giants.