TotalEnergies has signed an agreement to sell its 50 percent stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group, a leading global commodities trading company.
The transaction reflects the selective strategy of TotalEnergies in Marketing & Services focused on core geographies with growth and transition opportunities, the company said in a press release on Tuesday.
TPPL is a 50/50 joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (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.
TPPL’s storage infrastructure comprises 10 depots strategically located in key areas: Keamari (2), Shikarpur (1), Daulatpur (1), Mehmood Kot (1), Sahiwal (1), Machike (2), Rawalpindi (1), and Taru Jabba (1). The total storage capacity includes 56,199 MT for gasoline, 47,238 MT for diesel, 5,544 MT for excellium, and 1,243 MT for SKO.
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables, and electricity. It is currently active in about 120 countries.