Gunvor completes acquisition of TotalEnergies stations in Pakistan

The new entity will continue to serve its customers through its retail business under the existing Total PARCO brand at over 800 locations.

Gunvor Group, a leading global commodities trading company, has completed its acquisition of TotalEnergies’ 50% stake in Total PARCO Pakistan Limited (TPPL).

TPPL operated as a 50/50 joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO). After receiving all necessary approvals from relevant authorities and finalizing related agreements, Gunvor will take over a retail network of over 800 service stations.

“This acquisition represents a significant investment in the retail and distribution space, and contributes to Gunvor’s strategy of owning and investing in assets along the value chain that support our core trading operations,” said Shahb Richyal, Gunvor’s Global Head of Portfolio.

The new entity will continue to serve its customers through its retail business under the existing “Total PARCO” brand, and its lubricants business under the “Total” brand in Pakistan.

Originally, TotalEnergies announced the sale of its stake last August, after over 20 years operating in the country. The firm was originally established in 2001 alongside PARCO to meet local fueling demands.