Total Energies to Sell Stake in Total Parco Pakistan

Business Strategy Total Energies to Sell Stake in Total Parco Pakistan

2024-08-08 Source: Press release Total Energies 1 min Reading Time

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Total Energies has entered into an agreement with Gunvor Group to sell its 50 % stake in Total Parco Pakistan, a 50-50 joint venture between Total Energies Marketing and Services and Pak-Arab Refinery.

Total Energies has signed an agreement to sell its 50 % stake in Total Parco Pakistan Ltd to Gunvor Group, a leading global commodities trading company. (Source: Pixabay) — Total Energies has signed an agreement to sell its 50 % stake in Total Parco Pakistan Ltd to Gunvor Group, a leading global commodities trading company.
(Source: Pixabay)

Paris/France – Total Energies has signed an agreement to sell its 50 % stake in Total Parco Pakistan Ltd (TPPL) to Gunvor Group, a leading global commodities trading company. The transaction reflects the selective strategy of Total Energies in Marketing & Services focused on core geographies with growth and transitioning opportunities.

TPPL is a 50/50 joint venture between Total Energies Marketing and Services and Pak-Arab Refinery Ltd (Parco) in Pakistan with a retail network of more than 800 service stations, fuel logistics, and lubricants activities.

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.

The acquisition remains subject to authorization by the relevant authorities and related agreements.

(ID:50125663)

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