TotalEnergies sells stake in Total Parco Pakistan to Gunvor Group

TotalEnergies, the global integrated energy giant, has announced the sale of its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group, a prominent commodities trading company. This strategic move aligns with TotalEnergies’ focus on core geographies that offer growth and transition opportunities.

TPPL, a joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO), boasts a vast retail network exceeding 800 service stations across Pakistan. The venture also encompasses fuel logistics and lubricants operations, maintaining significant market presence in the country.

Despite the ownership change, the entity will continue its retail operations under the “Total Parco” brand and its lubricants business under the “Total” brand for the next five years in Pakistan. This decision ensures continuity for its customers while Gunvor Group begins its new role.

The completion of the acquisition is pending authorisation from relevant authorities and the finalisation of related agreements.

TotalEnergies is a leading energy company involved in the production and marketing of various energy forms, including oil, biofuels, natural gas, green gases, renewables, and electricity. With a commitment to providing reliable, affordable, and sustainable energy, TotalEnergies operates in about 120 countries and employs more than 100,000 people worldwide.