TotalEnergies quits Total Parco’s retail business in Pakistan
Published on: Aug 7, 2024
The company will sell its 50% stake to Gunvor Group of the fuel retail joint venture created alongside Pak-Arab Refinery Limited.
TotalEnergies has signed an agreement to sell its 50% stake in Total Parco Pakistan Limited (TPPL) to Gunvor Group, a global commodities trading company.
TPPL is a 50/50 joint venture created between the French mobility giant and Pak-Arab Refinery Limited (PARCO) in Pakistan back in 2001. Throughout the years, the company achieved a retail network of more than 800 service stations, fuel logistics, and lubricants activities.
The transaction reflects the selective strategy of TotalEnergies in Marketing & Services focused on core geographies with growth and transitioning opportunities.
The acquisition remains subject to authorization by the relevant authorities and related agreements.
The new entity will continue its retail business under the existing “Total Parco” brand, and its lubricants business under the “Total” brand for five years in Pakistan, continuing to serve its customers.
