TotalEnergies has announced the sale of its 50 percent stake in Total PARCO Pakistan (TPPL) to Gunvor Group, a prominent global commodities trading company. Financial details were not disclosed.
This move aligns with TotalEnergies’ selective strategy in Marketing & Services, focusing on core geographies with growth and transition opportunities.
TPPL is a joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery (PARCO) in Pakistan, boasting a retail network of over 800 service stations along with fuel logistics and lubricants activities.
Following the transaction, the new entity will maintain its retail operations under the “Total Parco” brand and its lubricants business under the “Total” brand for the next five years in Pakistan, ensuring continued service to its customers.